Bill Text | History of Actions | Background | Title |
Description: Fiduciaries; Uniform Principal and Income Act (NCCUSL).
Bill Text: [Introduced]
| 1 | 01/25/00 | (H) | Referred To Judiciary A | |
| 2 | 03/07/00 | (H) | Died In Committee |
| Effective date | ** See Text | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
House Committee:
Principal Author: Watson
Code Sections: RP 091-0017-0001, RP 091-0017-0003, RP 091-0017-0005, RP 091-0017-0007, RP 091-0017-0009, RP 091-0017-0011, RP 091-0017-0013, RP 091-0017-0015, RP 091-0017-0017, RP 091-0017-0019, RP 091-0017-0021, RP 091-0017-0023, RP 091-0017-0025, RP 091-0017-0027, RP 091-0017-0029, RP 091-0017-0031
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.
End Of Document
2000/html/History/HB/HB0508.htm