Mississippi Legislature

1999 Regular Session

House Bill 1250

[Introduced]

Instructions Bill Status Menu




History of Actions

Background

Title

Description: Fiduciaries; Uniform Principal and Income Act (NCCUSL).

History of Actions:

101/18/99(H)Referred To Judiciary A
202/02/99(H)Died In Committee

Background Information:

Effective dateJuly 1, 1999
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

House Committee:

Principal Author: Perry

Code Sections: RP 091-0017-0031, RP 091-0017-0029, RP 091-0017-0027, RP 091-0017-0025, RP 091-0017-0023, RP 091-0017-0021, RP 091-0017-0019, RP 091-0017-0017, RP 091-0017-0015, RP 091-0017-0013, RP 091-0017-0011, RP 091-0017-0009, RP 091-0017-0007, RP 091-0017-0005, RP 091-0017-0003, RP 091-0017-0001

Title: AN ACT ENTITLED THE "UNIFORM PRINCIPAL AND INCOME ACT"; TO PROVIDE FOR THE REGULATION THE FIDUCIARY RELATIONSHIP BETWEEN A TRUSTEE OF A TRUST AND THE PERSONAL REPRESENTATIVE OF A DECEDENT'S ESTATE; TO MAKE CLEAR THAT THIS ACT IS A DEFAULT LAW THAT OPERATES ONLY WHEN THE GOVERNING INSTRUMENT IS SILENT OR WHEN THERE IS NO EXPRESS LANGUAGE IN THE TRUST INSTRUMENT, WILL OR OTHER APPLICABLE DOCUMENT; TO SPECIFY THE FIDUCIARY OBLIGATION OF THE TRUSTEE OF A TRUST TO SATISFY BOTH THE INTERESTS OF THE TRUST'S INCOME BENEFICIARIES DURING THE LIFE OF THE TRUST AND THE INTERESTS OF THE REMAINDER BENEFICIARIES AT THE TRUST'S TERMINATION; TO PROVIDE THAT A PERSONAL REPRESENTATIVE MAY BE REQUIRED TO ALLOCATE NET INCOME TO CERTAIN INDIVIDUALS DURING THE ADMINISTRATION OF THE ESTATE AND TO ASSURE THAT CERTAIN EXPENSES ARE PAID OUT OF AN APPROPRIATE CATEGORY OF INTERESTS BEFORE FINALLY DISTRIBUTING THE ASSETS OF THE DECEDENT'S ESTATE TO THE HEIRS OR DEVISEES; TO REQUIRE THE TRUSTEE AND THE PERSONAL REPRESENTATIVE TO SATISFY THEIR OBLIGATIONS BY THE PROPER ALLOCATION OF ASSETS TO EITHER PRINCIPAL OR INCOME; TO ESTABLISH RULES FOR DISTINGUISHING INCOME FROM PRINCIPAL; TO REPEAL SECTIONS 91-17-1 THROUGH 91-17-31, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE REVISED UNIFORM PRINCIPAL AND INCOME LAW ENACTED IN 1967; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/02/99 at 17:07.



End Of Document

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