IC 30-2-14 – Uniform Principal and Income Act | Midpage

Collections
Indiana Code

Chapter 14

IC 30-2-14

Uniform Principal and Income Act

0.1Application of chapter; application of certain amendments to chapter 1"Accounting period" defined 2"Beneficiary" defined 3"Fiduciary"4"Income" defined 5"Income beneficiary" defined 6"Income interest" defined 7"Mandatory income interest" defined 8"Net income" defined 9"Person" defined 10"Principal" defined 11"Remainder beneficiary" defined 12"Terms of a trust"13"Trustee" defined 13.5Personal representative as a fiduciary 14Allocating receipts and disbursements between principal and income 15Power of trustee to adjust between principal and income 16Notice of proposed action 17Discretionary powers of fiduciary; failure to exercise power; remedies 18Distributions to beneficiaries; payment of fees and costs 19Beneficiary's share of net income 20Income interest; asset subject to trust 21Income receipts and disbursements 22Termination of mandatory income interest 23Receipts from an entity 24Distributions of principal and income from trust or estate 25Separate accounting records for business or activity 26Receipts and property allocated to principal 27Rental property receipts 28Obligation to pay money to trustee 29Life insurance policy proceeds; proceeds of other contracts 30Insubstantial allocation between principal and income 31Allocating payments to principal or income 32Receipts from liquidating asset 33Receipts from an interest in minerals or other natural resources 34Net receipts from the sale of timber and related products 35Marital deduction for trust assets 36Transactions in derivatives; granting, acquiring, or exercising an option 37Asset backed securities 38Disbursements from income 39Disbursements from principal 40Principal asset subject to depreciation 41Principal disbursements; income transfers to reimburse principal or create principal disbursement reserve 42Tax payments 43Adjustments to offset shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries 44Uniformity of the law