CHAPTER 55-13A
UNIFORM PRINCIPAL AND INCOME ACT
ARTICLE 1. DEFINITIONS AND FIDUCIARY DUTIES.
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Short title.
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Definitions.
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Fiduciary duties--General principles.
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Trustee's power to adjust.
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Judicial control of discretionary power.
ARTICLE 2. DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST.
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Determination and distribution of net income.
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Distribution to residuary and remainder beneficiaries.
ARTICLE 3. APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST.
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When right to income begins and ends.
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Apportionment of receipts and disbursements when decedent dies or income interest
begins.
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Apportionment when income interest ends.
ARTICLE 4. ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST.
PART 1. RECEIPTS FROM ENTITIES.
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Character of receipts.
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Distribution from trust or estate.
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Business and other activities conducted by trustee.
PART 2. RECEIPTS NOT NORMALLY APPORTIONED.
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Principal receipts.
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Rental property.
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Obligation to pay money.
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Insurance policies and similar contracts.
PART 3. RECEIPTS NORMALLY APPORTIONED.
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Insubstantial allocations not required.
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Deferred compensation, annuities, and similar payments.
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Liquidating asset.
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Minerals, water, and other natural resources.
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Timber.
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Property not productive of income.
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Derivatives and options.
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Asset-backed securities.
ARTICLE 5. ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF
TRUST.
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Disbursements from income.
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Disbursements from principal.
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Transfers from income to principal for depreciation.
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Transfers from income to reimburse principal.
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Income taxes.
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Adjustments between principal and income because of taxes.
ARTICLE 6. MISCELLANEOUS PROVISIONS.
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Uniformity of application and construction.
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Application of chapter to existing trusts and estates.