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PAG LIN
1 1 CHAPTER 636A
1 2 PRINCIPAL AND INCOME
1 3 SUBCHAPTER 1
1 4 DEFINITIONS AND FIDUCIARY DUTIES
1 5 Section 1. NEW SECTION. 636A.101 SHORT TITLE.
1 6 This Act may be cited as the "Uniform Principal and Income
1 7 Act".
1 8 Sec. 2. NEW SECTION. 636A.102 DEFINITIONS.
1 9 As used in this chapter:
1 10 1. "Accounting period" means a calendar year, unless
1 11 another twelve-month period is selected by a fiduciary. The
1 12 term includes a portion of a calendar year or other twelve-
1 13 month period that begins when an income interest begins or
1 14 ends when an income interest ends.
1 15 2. "Beneficiary" includes, in the case of a decedent's
1 16 estate, an heir, legatee, and devisee, and, in the case of a
1 17 trust, an income beneficiary and a remainder beneficiary.
1 18 3. "Fiduciary" means a personal representative or a
1 19 trustee. The term includes an executor, administrator,
1 20 successor personal representative, special administrator, and
1 21 a person performing substantially the same function.
1 22 4. "Income" means money or property a fiduciary receives
1 23 as the current return from a principal asset. The term
1 24 includes a portion of the receipts from a sale, exchange, or
1 25 liquidation of a principal asset, to the extent provided in
1 26 subchapter 4.
1 27 5. "Income beneficiary" means a person to whom a trust's
1 28 net income is or may be payable.
1 29 6. "Income interest" means an income beneficiary's right
1 30 to receive all or part of the net income, whether the terms of
1 31 the trust require it to be distributed or authorize it to be
1 32 distributed in the trustee's discretion.
1 33 7. "Mandatory income interest" means an income
1 34 beneficiary's right to receive net income that the terms of
1 35 the trust require the fiduciary to distribute.
2 1 8. "Net income" means the total receipts allocated to
2 2 income during an accounting period minus the disbursements
2 3 made from income during the period. In this definition,
2 4 receipts and disbursements include items transferred to or
2 5 from income during the period under this chapter.
2 6 9. "Person" means an individual, corporation, business
2 7 trust, estate, trust, partnership, limited liability company,
2 8 association, joint venture, or any other legal or commercial
2 9 entity. The term does not include a government or
2 10 governmental subdivision, agency, or instrumentality.
2 11 10. "Principal" means property held in trust for
2 12 distribution to a remainder beneficiary when the trust
2 13 terminates.
2 14 11. "Remainder beneficiary" means a person, including
2 15 another trust, entitled to receive principal when an income
2 16 interest ends.
2 17 12. "Terms of a trust" means the manifestation of the
2 18 intent of a settlor or decedent with respect to the trust,
2 19 expressed in a manner that admits of its proof in a judicial
2 20 proceeding, whether by written or spoken words or by conduct.
2 21 13. "Trustee" includes an original, additional, or
2 22 successor trustee, whether or not appointed or confirmed by a
2 23 court.
2 24 Sec. 3. NEW SECTION. 636A.103 FIDUCIARY DUTIES –
2 25 GENERAL PRINCIPLES.
2 26 1. In allocating receipts and disbursements to or between
2 27 principal and income, and in any matter within the scope of
2 28 subchapters 2 and 3, a fiduciary shall do all of the
2 29 following:
2 30 a. Administer a trust or estate in accordance with the
2 31 terms of the trust or the will, even if there is a different
2 32 provision in this chapter.
2 33 b. Administer a trust or estate by the exercise of a
2 34 discretionary power of administration given the fiduciary by
2 35 the terms of the trust or the will, although the fiduciary may
3 1 exercise that power in a manner different from a provision of
3 2 this chapter.
3 3 c. Administer a trust or estate in accordance with this
3 4 chapter if the terms of the trust or the will do not contain a
3 5 different provision or do not give the fiduciary a
3 6 discretionary power of administration.
3 7 d. Add a receipt or charge a disbursement to principal to
3 8 the extent that the terms of the trust and this chapter do not
3 9 provide a rule for allocating the receipt or disbursement to
3 10 or between principal and income.
3 11 2. In exercising the power to adjust granted by section
3 12 636A.104, subsection 1, or a discretionary power of
3 13 administration regarding a matter within the scope of this
3 14 chapter, whether granted by the terms of a trust, a will, or
3 15 this chapter, a fiduciary shall administer a trust or estate
3 16 impartially, based on what is fair and reasonable to all of
3 17 the beneficiaries, unless the terms of the trust or the will
3 18 clearly manifest an intention that the fiduciary shall or may
3 19 favor one or more of the beneficiaries. A determination in
3 20 accordance with this chapter is presumed to be fair and
3 21 reasonable to all of the beneficiaries.
3 22 Sec. 4. NEW SECTION. 636A.104 TRUSTEE'S POWER TO ADJUST.
3 23 1. A trustee may adjust between principal and income to
3 24 the extent the trustee considers necessary if the trustee
3 25 invests and manages trust assets as a prudent investor, the
3 26 terms of the trust describe the amount that may or must be
3 27 distributed to a beneficiary by referring to the trust's
3 28 income, and the trustee determines that, after applying the
3 29 rules in section 636A.103, subsection 1, the trustee is unable
3 30 to comply with the rule in section 636A.103, subsection 2.
3 31 2. In deciding whether and to what extent to exercise the
3 32 power conferred by subsection 1, a trustee shall consider all
3 33 of the factors relevant to the trust and its beneficiaries,
3 34 including each of the following factors to the extent it is
3 35 relevant:
4 1 a. The nature, purpose, and expected duration of the
4 2 trust.
4 3 b. The intent of the settlor.
4 4 c. The identity and circumstances of the beneficiaries.
4 5 d. The needs for liquidity, regularity of income, and
4 6 preservation and appreciation of capital.
4 7 e. The assets held in the trust; the extent to which they
4 8 consist of financial assets, interests in closely held
4 9 enterprises, tangible and intangible personal property, or
4 10 real property; the extent to which an asset is used by a
4 11 beneficiary; and whether an asset was purchased by the trustee
4 12 or received from the settlor.
4 13 f. The net amount allocated to income under the other
4 14 sections of this chapter and the increase or decrease in the
4 15 value of the principal assets, which the trustee may estimate
4 16 as to assets for which market values are not readily
4 17 available.
4 18 g. Whether and to what extent the terms of the trust give
4 19 the trustee the power to invade principal or accumulate income
4 20 or prohibit the trustee from invading principal or
4 21 accumulating income, and the extent to which the trustee has
4 22 exercised a power from time to time to invade principal or
4 23 accumulate income.
4 24 h. The actual and anticipated effect of economic
4 25 conditions on principal and income and effects of inflation
4 26 and deflation.
4 27 i. The anticipated tax consequences of an adjustment.
4 28 3. A trustee shall not make an adjustment if it would
4 29 result in any of the following:
4 30 a. Diminishes the income interest in a trust that requires
4 31 all of the income to be paid at least annually to a surviving
4 32 spouse and for which an estate tax or gift tax marital
4 33 deduction would be allowed, in whole or in part, if the
4 34 trustee did not have the power to make the adjustment.
4 35 b. Reduces the actuarial value of the income interest in a
5 1 trust to which a person transfers property with the intent to
5 2 qualify for a gift tax exclusion.
5 3 c. Changes the amount payable to a beneficiary as a fixed
5 4 annuity or a fixed fraction of the value of the trust's
5 5 assets.
5 6 d. If any amount is permanently set aside for charitable
5 7 purposes under a will or the terms of a trust.
5 8 e. In possessing or exercising the power to make an
5 9 adjustment may cause an individual to be treated as the owner
5 10 of all or part of the trust for income tax purposes, and the
5 11 individual would not be treated as the owner if the individual
5 12 did not possess the power to make an adjustment.
5 13 f. If possessing or exercising the power to make an
5 14 adjustment causes all or part of the trust assets to be
5 15 included for estate tax purposes in the estate of an
5 16 individual who has the power to remove a trustee or appoint a
5 17 trustee, or both, and the assets would not be included in the
5 18 estate of the individual if the individual did not have the
5 19 power to make an adjustment.
5 20 g. If the trustee is a beneficiary of the trust.
5 21 h. If the trustee is not a beneficiary, but the adjustment
5 22 would benefit the trustee directly or indirectly.
5 23 4. If subsection 3, paragraph "e", "f", "g", or "h",
5 24 applies to a trustee and there is more than one trustee, a
5 25 cotrustee to whom the provision does not apply may make the
5 26 adjustment unless the exercise of the power by the remaining
5 27 trustee or trustees is clearly not permitted by the terms of
5 28 the trust.
5 29 5. A trustee may release the entire power conferred by
5 30 subsection 1 or may release only the power to adjust from
5 31 income to principal or the power to adjust from principal to
5 32 income if the trustee is uncertain about whether possessing or
5 33 exercising the power will cause a result described in
5 34 subsection 3, paragraphs "a" through "f" or "h", or if the
5 35 trustee determines that possessing or exercising the power
6 1 will or may deprive the trust of a tax benefit or impose a tax
6 2 burden not described in subsection 3. The release may be
6 3 permanent or for a specified period, including a period
6 4 measured by the life of an individual.
6 5 6. Terms of a trust that limit the power of a trustee to
6 6 make an adjustment between principal and income are not
6 7 contrary to this section unless it is clear from the terms of
6 8 the trust that the terms are intended to deny the trustee the
6 9 power of adjustment conferred by subsection 1.
6 10 SUBCHAPTER 2
6 11 DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST
6 12 Sec. 5. NEW SECTION. 636A.201 DETERMINATION AND
6 13 DISTRIBUTION OF NET INCOME.
6 14 After a decedent dies, in the case of an estate, or after
6 15 an income interest in a trust ends, the following rules apply:
6 16 1. A fiduciary of an estate or a terminating income
6 17 interest shall determine the amount of net income and net
6 18 principal receipts received from property specifically given
6 19 to a beneficiary under the rules in subchapters 3 through 5
6 20 that apply to trustees, and under the rules in subsection 5.
6 21 The fiduciary shall distribute the net income and net
6 22 principal receipts to the beneficiary who is to receive the
6 23 specific property.
6 24 2. A fiduciary shall determine the remaining net income of
6 25 a decedent's estate or a terminating income interest under the
6 26 rules in subchapters 3 through 5 that apply to trustees, and
6 27 by doing the following:
6 28 a. Including in net income all income from property used
6 29 to discharge liabilities.
6 30 b. Paying from income or principal, in the fiduciary's
6 31 discretion, fees of attorneys, accountants, and fiduciaries;
6 32 court costs and other expenses of administration; and interest
6 33 on death taxes, but the fiduciary may pay those expenses from
6 34 income of property passing to a trust for which the fiduciary
6 35 claims an estate tax marital or charitable deduction only to
7 1 the extent that the payment of those expenses from income will
7 2 not cause the loss of the deduction.
7 3 c. Paying from principal all other disbursements made or
7 4 incurred in connection with the settlement of a decedent's
7 5 estate or the winding up of a terminating income interest,
7 6 including debts, funeral expenses, disposition of remains,
7 7 family allowances, and death taxes and related penalties that
7 8 are apportioned to the estate or terminating income interest
7 9 by the will, the terms of the trust, or applicable law.
7 10 3. A fiduciary shall distribute to a beneficiary who
7 11 receives a pecuniary amount outright the amount, if any,
7 12 provided by the will, the terms of the trust, or applicable
7 13 law, from net income determined under subsection 2 or from
7 14 principal to the extent the net income is insufficient. If a
7 15 beneficiary is to receive a pecuniary amount outright from a
7 16 trust after an income interest ends and no amount is provided
7 17 for by the terms of the trust or applicable law, the fiduciary
7 18 shall distribute the amount to which the beneficiary would be
7 19 entitled under applicable law if the pecuniary amount were
7 20 required to be paid under a will.
7 21 4. A fiduciary shall distribute the net income remaining
7 22 after distributions required by subsection 3 in the manner
7 23 described in section 636A.202 to all other beneficiaries,
7 24 including a beneficiary who receives a pecuniary amount in
7 25 trust, even if the beneficiary holds an unqualified power to
7 26 withdraw assets from the trust or other presently exercisable
7 27 general power of appointment over the trust.
7 28 5. A fiduciary shall not reduce principal or income
7 29 receipts from property described in subsection 1 because of a
7 30 payment described in section 636A.501 or 636A.502 to the
7 31 extent that the will, the terms of the trust, or applicable
7 32 law requires the fiduciary to make the payment from assets
7 33 other than the property or to the extent that the fiduciary
7 34 recovers or expects to recover the payment from a third party.
7 35 The property's net income and principal receipts are
8 1 determined by including all of the amounts the fiduciary
8 2 receives or pays with respect to the property, whether those
8 3 amounts accrued or became due before, on, or after the date of
8 4 a decedent's death or an income interest's terminating event,
8 5 and by making a reasonable provision for amounts that the
8 6 fiduciary believes the estate or terminating income interest
8 7 may become obligated to pay after the property is distributed.
8 8 Sec. 6. NEW SECTION. 636A.202 DISTRIBUTION TO RESIDUARY
8 9 AND REMAINDER BENEFICIARIES.
8 10 1. Each beneficiary described in section 636A.201,
8 11 subsection 4, is entitled to receive a portion of the net
8 12 income equal to the beneficiary's fractional interest in
8 13 undistributed principal assets, using values as of the
8 14 distribution date. If a fiduciary makes more than one
8 15 distribution of assets to beneficiaries to whom this section
8 16 applies, each beneficiary, including one who does not receive
8 17 part of the distribution, is entitled, as of each distribution
8 18 date, to the net income the fiduciary has received after the
8 19 date of death or terminating event or earlier distribution
8 20 date but has not distributed as of the current distribution
8 21 date.
8 22 2. In determining a beneficiary's share of net income, the
8 23 following rules apply:
8 24 a. The beneficiary is entitled to receive a portion of the
8 25 net income equal to the beneficiary's fractional interest in
8 26 the undistributed principal assets immediately before the
8 27 distribution date, including assets that later may be sold to
8 28 meet principal obligations.
8 29 b. The beneficiary's fractional interest in the
8 30 undistributed principal assets must be calculated without
8 31 regard to property specifically given to a beneficiary and
8 32 property required to be pay pecuniary amounts not in trust.
8 33 c. The beneficiary's fractional interest in the
8 34 undistributed principal assets must be calculated on the basis
8 35 of the aggregate value of those assets as of the distribution
9 1 date without reducing the value by any unpaid principal
9 2 obligation.
9 3 d. The distribution date for purposes of this section may
9 4 be the date as of which the fiduciary calculates the value of
9 5 the assets if that date is reasonably near the date on which
9 6 assets are actually distributed.
9 7 3. The rules in this section apply to net gain or loss
9 8 realized after the date of death or terminating event or
9 9 earlier distribution date from the disposition of a principal
9 10 asset if this section applies to the income from the asset.
9 11 4. If a fiduciary does not distribute all of the collected
9 12 but undistributed net income or gain to each person as of a
9 13 distribution date, the fiduciary shall maintain appropriate
9 14 records showing the interest of each beneficiary in that net
9 15 income or gain.
9 16 SUBCHAPTER 3
9 17 APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST
9 18 Sec. 7. NEW SECTION. 636A.301 WHEN RIGHT TO INCOME
9 19 BEGINS AND ENDS.
9 20 1. An income beneficiary is entitled to net income from
9 21 the date on which the income interest begins. An income
9 22 interest begins on the date specified in the terms of the
9 23 trust or, if no date is specified, on the date an asset
9 24 becomes subject to a trust or successive income interest.
9 25 2. An asset becomes subject to a trust at the first
9 26 occurrence of one of the following events:
9 27 a. On the date it is transferred to the trust in the case
9 28 of an asset that is transferred to a trust during the
9 29 transferor's life.
9 30 b. On the date of a testator's death in the case of an
9 31 asset that becomes subject to a trust by reason of a will,
9 32 even if there is an intervening period of administration of
9 33 the testator's estate.
9 34 c. On the date of an individual's death in the case of an
9 35 asset that is transferred to a fiduciary by a third party
10 1 because of the individual's death.
10 2 3. An asset becomes subject to a successive income
10 3 interest on the day after the preceding income interest ends,
10 4 as determined under subsection 4, even if there is an
10 5 intervening period of administration to wind up the preceding
10 6 income interest.
10 7 4. An income interest ends on the day before an income
10 8 beneficiary dies or another terminating event occurs. For
10 9 purposes of this chapter, an income interest also ends on the
10 10 last day of a period during which there is no beneficiary to
10 11 whom a trustee may distribute income.
10 12 Sec. 8. NEW SECTION. 636A.302 APPORTIONMENT OF RECEIPTS
10 13 AND DISBURSEMENTS WHEN DECEDENT DIES OR INCOME INTEREST
10 14 BEGINS.
10 15 1. An income receipt or disbursement other than one to
10 16 which section 636A.201, subsection 1, applies must be
10 17 allocated to principal if its due date occurs before a
10 18 decedent dies in the case of an estate, or before an income
10 19 interest begins in the case of a trust or successive income
10 20 interest.
10 21 2. An income receipt or disbursement must be allocated to
10 22 income if its due date occurs on or after the date on which a
10 23 decedent dies or an income interest begins and it is a
10 24 periodic due date. An income receipt or disbursement must be
10 25 treated as accruing from day to day if its due date is not
10 26 periodic or it has no due date. The portion of the receipt or
10 27 disbursement accruing before the date on which a decedent dies
10 28 or an income interest begins must be allocated to principal
10 29 and the balance must be allocated to income.
10 30 3. An item of income or an obligation is due on the date
10 31 on which the payor is required to make a payment. If there is
10 32 no stated payment date, there is no due date for the purposes
10 33 of this chapter. Distributions to shareholders or other
10 34 owners from an entity to which section 636A.401 applies are
10 35 deemed to be due on the date fixed by the entity for
11 1 determining who is entitled to receive the distribution or, if
11 2 no date is fixed, on the declaration date for the
11 3 distribution. A due date is periodic for receipts or
11 4 disbursements that must be paid at regular intervals under a
11 5 lease or an obligation to pay interest or if an entity
11 6 customarily makes distributions at regular intervals.
11 7 Sec. 9. NEW SECTION. 636A.303 APPORTIONMENT WHEN INCOME
11 8 INTEREST ENDS.
11 9 1. For purposes of this section, "undistributed income"
11 10 means net income received before the date on which an income
11 11 interest ends. The term does not include an item of income or
11 12 expense that is due or accrued or net income that has been
11 13 added or is required to be added to principal pursuant to the
11 14 terms of the trust.
11 15 2. When a mandatory income interest ends, the trustee
11 16 shall pay to a mandatory income beneficiary who survives that
11 17 date, or the estate of a deceased mandatory income beneficiary
11 18 whose death causes the interest to end, the beneficiary's
11 19 share of the undistributed income that is not disposed of
11 20 pursuant to the terms of the trust unless the beneficiary has
11 21 an unqualified power to revoke more than five percent of the
11 22 trust immediately before the income interest ends. In the
11 23 latter case, the undistributed income from the portion of the
11 24 trust that may be revoked must be added to principal.
11 25 3. When a trustee's obligation to pay a fixed annuity or a
11 26 fixed fraction of the value of the trust's assets ends, the
11 27 trustee shall prorate the final payment if and to the extent
11 28 required by applicable law to accomplish a purpose of the
11 29 trust or its settlor relating to income, gift, estate, or
11 30 other tax requirements.
11 31 SUBCHAPTER 4
11 32 ADMINISTRATION OF TRUST
11 33 Part 1
11 34 RECEIPTS FROM ENTITIES
11 35 Sec. 10. NEW SECTION. 636A.401 CHARACTER OF RECEIPTS.
12 1 1. For purposes of this section, "entity" means a
12 2 corporation, partnership, joint venture, limited liability
12 3 company, regulated investment company, real estate investment
12 4 trust, common trust fund, and any other organization in which
12 5 a trustee has an interest other than a trust or estate to
12 6 which section 636A.402 applies or a business or activity to
12 7 which section 636A.403 applies.
12 8 2. Except as otherwise provided in this section, cash
12 9 received by a trustee from an entity must be allocated to
12 10 income.
12 11 3. Receipts from an entity which must be allocated to
12 12 principal include the following items:
12 13 a. Property other than cash, except as otherwise provided
12 14 in paragraph "d".
12 15 b. Cash or property received in one distribution or a
12 16 series of related distributions in exchange for part or all of
12 17 a trust's interest in the entity.
12 18 c. Cash or property received in total or partial
12 19 liquidation of the entity.
12 20 d. Cash or property received from an entity that is a
12 21 regulated investment company or a real estate investment trust
12 22 if the distribution is a capital gain dividend for federal
12 23 income tax purposes.
12 24 4. Cash or property is received in partial liquidation
12 25 according to one of the following principles:
12 26 a. To the extent that the entity, at or near the time of a
12 27 distribution, indicates that it is a distribution in partial
12 28 liquidation.
12 29 b. If the total amount received in a distribution or
12 30 series of related distributions is greater than twenty percent
12 31 of the entity's gross assets, as shown by the entity's year-
12 32 end financial statements immediately preceding the initial
12 33 receipt.
12 34 5. Cash shall not be received in partial liquidation, nor
12 35 shall it be taken into account under subsection 4, paragraph
13 1 "b", to the extent that it does not exceed the amount of
13 2 income tax that a trustee or beneficiary must pay on taxable
13 3 income of the entity that distributes the cash.
13 4 6. A trustee may rely upon a statement made by an entity
13 5 about the source or character of a distribution if the
13 6 statement is made at or near the time of distribution by the
13 7 entity's board of directors or other person or group of
13 8 persons authorized to exercise powers to pay money or transfer
13 9 property comparable to those of a corporation's board of
13 10 directors.
13 11 Sec. 11. NEW SECTION. 636A.402 DISTRIBUTION FROM TRUST
13 12 OR ESTATE.
13 13 1. Subject to the terms of a recipient trust, an amount
13 14 received as a distribution of income from a trust or an estate
13 15 in which the trust has an interest other than a purchased
13 16 interest shall be allocated to income.
13 17 2. An amount received as a distribution of principal from
13 18 such a trust or estate shall be allocated to principal.
13 19 3. If a trustee purchases an interest in a trust that is
13 20 an investment entity, or a decedent or donor transfers an
13 21 interest in such a trust to a trustee, section 636A.401
13 22 applies to a receipt from the trust.
13 23 Sec. 12. NEW SECTION. 636A.403 BUSINESS AND OTHER
13 24 ACTIVITIES CONDUCTED BY TRUSTEE.
13 25 1. If a trustee who conducts a business or other activity
13 26 determines that it is in the best interest of all the
13 27 beneficiaries to account separately for the business or
13 28 activity instead of accounting for it as part of the trust's
13 29 general accounting records, the trustee may maintain separate
13 30 accounting records for its transactions, whether or not its
13 31 assets are segregated from other trust assets.
13 32 2. A trustee who accounts separately for a business or
13 33 other activity shall determine the extent to which its net
13 34 cash receipts must be retained for working capital, the
13 35 acquisition or replacement of fixed assets, and other
14 1 reasonably foreseeable needs of the business or activity, and
14 2 the extent to which the remaining net cash receipts are
14 3 accounted for as principal or income in the trust's general
14 4 accounting records. If a trustee sells assets of the business
14 5 or other activity, other than in the ordinary course of the
14 6 business or activity, the trustee shall account for the net
14 7 amount received as principal in the trust's general accounting
14 8 records to the extent the trustee determines that the amount
14 9 received is no longer required in the conduct of the business.
14 10 3. The trustee may maintain separate accounting records
14 11 for any of the following activities:
14 12 a. Retail, manufacturing, service, and other traditional
14 13 business activities.
14 14 b. Farming.
14 15 c. Raising and selling livestock and other animals.
14 16 d. Management of rental properties.
14 17 e. Extraction of minerals and other natural resources.
14 18 f. Timber operations.
14 19 g. Activities to which section 636A.426 applies.
14 20 Part 2
14 21 RECEIPTS NOT NORMALLY APPORTIONED
14 22 Sec. 13. NEW SECTION. 636A.410 PRINCIPAL RECEIPTS.
14 23 The following items must be allocated to principal:
14 24 1. To the extent not allocated to income under this
14 25 chapter, assets received from any of the following sources:
14 26 a. A transferor during the transferor's lifetime.
14 27 b. A decedent's estate.
14 28 c. A trust with a terminating income interest.
14 29 d. A payor pursuant to a contract naming the trust or its
14 30 trustee as beneficiary.
14 31 2. Cash or other property received from the sale,
14 32 exchange, liquidation, or change in form of a principal asset,
14 33 including realized profit, subject to this subchapter.
14 34 3. Amounts recovered from third parties to reimburse the
14 35 trust because of disbursements described in section 636A.502,
15 1 subsection 1, paragraph "g", or for other reasons to the
15 2 extent not based on the loss of income.
15 3 4. Proceeds of property taken by eminent domain, but a
15 4 separate award made for the loss of income with respect to an
15 5 accounting period during which a current income beneficiary
15 6 had a mandatory income interest is income.
15 7 5. Net income received in a period during which there is
15 8 no beneficiary to whom a trustee may or must distribute
15 9 income.
15 10 6. Other receipts, as provided in part 3.
15 11 Sec. 14. NEW SECTION. 636A.411 RENTAL PROPERTY.
15 12 1. An amount received as rent of real or personal
15 13 property, including an amount received for cancellation or
15 14 renewal of a lease, must be allocated to income.
15 15 2. An amount received as a refundable deposit, including a
15 16 security deposit or a deposit that is to be applied as rent
15 17 for future periods, must be added to principal and held
15 18 subject to the terms of the lease and is not available for
15 19 distribution to a beneficiary until the trustee's contractual
15 20 obligations have been satisfied with respect to that amount.
15 21 Sec. 15. NEW SECTION. 636A.412 OBLIGATION TO PAY MONEY.
15 22 1. An amount received as interest, whether determined at a
15 23 fixed, variable, or floating rate, on an obligation to pay
15 24 money to the trustee, including an amount received as
15 25 consideration for prepaying principal, must be allocated to
15 26 income without any provision for amortization of premium.
15 27 2. An amount received from the sale, redemption, or other
15 28 disposition of an obligation to pay money to the trustee more
15 29 than one year after it is purchased or acquired by the
15 30 trustee, including an obligation whose purchase price or value
15 31 when it is acquired is less than its value at maturity, must
15 32 be allocated to principal. If the obligation matures within
15 33 one year after it is purchased or acquired by the trustee, an
15 34 amount received in excess of its purchase price or its value
15 35 when acquired by the trust must be allocated to income.
16 1 3. This section does not apply to obligations to which
16 2 sections 636A.421 through 636A.424, 636A.426, and 636A.427
16 3 apply.
16 4 Sec. 16. NEW SECTION. 636A.413 INSURANCE POLICIES AND
16 5 SIMILAR CONTRACTS.
16 6 1. Proceeds from a life insurance policy whose beneficiary
16 7 is the trust or its trustee or a policy that insures the trust
16 8 or its trustee against loss for the damage or destruction of,
16 9 or loss of title to, a principal asset must be allocated to
16 10 principal. Dividends received from an insurance policy and
16 11 the proceeds of any other contract in which the trust or its
16 12 trustee is named as beneficiary must also be allocated to
16 13 principal.
16 14 2. Insurance proceeds must be allocated to income if they
16 15 are from a policy that insures the trustee against the loss of
16 16 occupancy or other use by an income beneficiary, the loss of
16 17 income, or, subject to section 636A.403, the loss of profits
16 18 from a business.
16 19 3. This section does not apply to a contract to which
16 20 section 636A.421 applies.
16 21 Part 3
16 22 RECEIPTS NORMALLY APPORTIONED
16 23 Sec. 17. NEW SECTION. 636A.420 INSUBSTANTIAL ALLOCATIONS
16 24 NOT REQUIRED.
16 25 1. If a trustee determines that an allocation between
16 26 principal and income required by sections 636A.421 through
16 27 636A.424 or section 636A.427 is insubstantial, the trustee may
16 28 allocate the entire receipt to principal if one of the
16 29 circumstances described in section 636A.104, subsection 3,
16 30 does not apply to such an allocation. This power may be
16 31 exercised by a cotrustee in the circumstances described in
16 32 section 636A.104, subsection 4, and it may be released for the
16 33 reasons and in the manner described in section 636A.104,
16 34 subsection 3.
16 35 2. An allocation is presumed to be insubstantial if either
17 1 of the following would be true if an allocation was made:
17 2 a. The amount of the allocation would increase or decrease
17 3 an accounting period's net income, as determined before the
17 4 allocation, by less than ten percent.
17 5 b. The value of the asset producing the receipt for which
17 6 the allocation would be made is less than ten percent of the
17 7 total value of the trust's assets at the beginning of the
17 8 accounting period.
17 9 Sec. 18. NEW SECTION. 636A.421 DEFERRED COMPENSATION,
17 10 ANNUITIES, AND SIMILAR PAYMENTS.
17 11 1. This section applies to payments that a trustee may
17 12 receive over a fixed number of years or during the life of one
17 13 or more individuals because of services rendered or property
17 14 transferred to the payor in exchange for future payments. The
17 15 payments include those made in cash or property from the
17 16 payor's general assets or from a separate fund created by the
17 17 payor, including a private or commercial annuity, an
17 18 individual retirement account, and a pension, profit sharing,
17 19 stock bonus, or stock ownership plan. This section does not
17 20 apply to payments to which section 636A.422 applies.
17 21 2. To the extent that a payment is characterized as
17 22 interest or a dividend or a payment made in lieu of interest
17 23 or a dividend, it must be allocated to income. The balance of
17 24 the payment and any other payment received in the same
17 25 accounting period that is not characterized as interest, a
17 26 dividend, or an equivalent payment must be allocated to
17 27 principal.
17 28 3. If no part of a payment is characterized as interest, a
17 29 dividend, or an equivalent payment, and all or part of the
17 30 payment is required to be made, a trustee shall allocate to
17 31 income ten percent of the part that is required to be made
17 32 during the accounting period and the balance to principal. If
17 33 no part of a payment is required to be made or the payment
17 34 received is the entire amount to which the trustee is
17 35 entitled, the entire payment must be allocated to principal.
18 1 4. If, to obtain an estate tax marital deduction for a
18 2 trust, a trustee must allocate more of a payment to income
18 3 than provided for by this section, the trustee shall allocate
18 4 to income the additional amount necessary to obtain the
18 5 marital deduction.
18 6 Sec. 19. NEW SECTION. 636A.422 LIQUIDATING ASSET.
18 7 1. In this section, "liquidating asset" means an asset
18 8 whose value will diminish or terminate because the asset is
18 9 expected to produce receipts for a period of limited duration.
18 10 The term includes leaseholds, patents, trademarks, copyrights,
18 11 royalty rights, and rights to receive payments during a period
18 12 of more than one year under an arrangement that does not
18 13 provide for the payment of interest on the unpaid balance.
18 14 The term does not include deferred compensation that is
18 15 subject to section 636A.421, natural resources that are
18 16 subject to section 636A.423, timber that is subject to section
18 17 636A.424, an activity that is subject to section 636A.426, or
18 18 any asset for which the trustee establishes a reserve for
18 19 depreciation under section 636A.503.
18 20 2. A trustee shall allocate to income ten percent of the
18 21 receipts from a liquidating asset and the balance to
18 22 principal.
18 23 Sec. 20. NEW SECTION. 636A.423 MINERALS, WATER, AND
18 24 OTHER NATURAL RESOURCES.
18 25 1. Receipts from an interest in minerals or other natural
18 26 resources must be allocated according to the type of payment,
18 27 as follows:
18 28 a. If received as nominal delay rental or annual rent on a
18 29 lease, a receipt must be allocated to income.
18 30 b. If received from a production payment, a receipt must
18 31 be allocated to income to the extent that the agreement
18 32 creating the production payment provides a factor for interest
18 33 or its equivalent. The balance must be allocated to
18 34 principal.
18 35 c. If an amount received as a royalty, bonus, or delay
19 1 rental is more than nominal, ninety percent must be allocated
19 2 to principal and the balance to income.
19 3 d. If an amount is received from a working interest or any
19 4 other interest not provided for in paragraph "a", "b", or "c",
19 5 ninety percent of the net amount received must be allocated to
19 6 principal and the balance to income.
19 7 2. An amount received on account of an interest in water
19 8 that is renewable must be allocated to income. If the water
19 9 is not renewable, ninety percent of the amount must be
19 10 allocated to principal and the balance to income.
19 11 3. This chapter applies without regard to whether a
19 12 decedent or donor was extracting minerals, water, or other
19 13 natural resources before the interest became subject to the
19 14 trust.
19 15 4. If a trust owns an interest in minerals, water, or
19 16 other natural resources on or before July 1, 1998, the trustee
19 17 may allocate receipts from the interest as provided in this
19 18 section or in the manner used by the trustee before July 1,
19 19 1998. If the trust acquires an interest in minerals, water,
19 20 or other natural resources after July 1, 1998, the trustee
19 21 shall allocate receipts from the interest as provided in this
19 22 section.
19 23 Sec. 21. NEW SECTION. 636A.424 TIMBER.
19 24 1. A trustee may account for net receipts from the sale of
19 25 timber and related products under subsection 2 or section
19 26 636A.403 or, if the trustee determines that net receipts are
19 27 insubstantial, may allocate the net receipts to principal.
19 28 The presumptions in section 636A.420 apply in determining
19 29 whether net receipts are insubstantial. If a trust owns more
19 30 than one block of timberland, the trustee may use different
19 31 methods to account for net receipts from different blocks.
19 32 2. If a trustee does not account under section 636A.403
19 33 for net receipts from the sale of timber and related products
19 34 or allocate the net receipts to principal because they are
19 35 insubstantial, the trustee shall allocate the net receipts
20 1 according to one of the following rules:
20 2 a. Allocate the net receipts to income to the extent that
20 3 the amount of timber removed from the land does not exceed the
20 4 rate of growth of the block as a whole during the accounting
20 5 periods in which a beneficiary has a mandatory income
20 6 interest.
20 7 b. Allocate the net receipts to principal to the extent
20 8 that the amount of timber removed from the land exceeds the
20 9 block's rate of growth or the net receipts are from the sale
20 10 of standing timber.
20 11 c. Allocate the net receipts to or between income and
20 12 principal if the net receipts are from the lease of timberland
20 13 or from a contract to cut timber from land owned by a trust,
20 14 by determining the amount of timber removed from the land
20 15 under the lease or contract and applying the rules in
20 16 paragraphs "a" and "b".
20 17 d. Allocate the net receipts to principal to the extent
20 18 that advance payments, bonuses, and other payments are not
20 19 allocated pursuant to paragraph "a", "b", or "c".
20 20 3. In determining the net receipts from the sale of
20 21 timber, a trustee shall deduct and transfer to principal a
20 22 reasonable amount for depletion.
20 23 4. This chapter applies regardless of whether a decedent
20 24 or transferor was harvesting timber from the property before
20 25 it became subject to the trust.
20 26 5. If a trust owns an interest in timberland on or before
20 27 July 1, 1998, the trustee may allocate net receipts from the
20 28 sale of timber and related products as provided in this
20 29 section or in the manner used by the trustee before July 1,
20 30 1998. If the trust acquires an interest in timberland after
20 31 July 1, l998, the trustee shall allocate net receipts from the
20 32 sale of timber and related products as provided in this
20 33 section.
20 34 Sec. 22. NEW SECTION. 636A.425 PROPERTY NOT PRODUCTIVE
20 35 OF INCOME.
21 1 1. If a marital deduction is allowed for all or part of a
21 2 trust whose assets consist substantially of property that does
21 3 not provide the surviving spouse with sufficient income from
21 4 or use of the trust assets, and if the amounts that the
21 5 trustee transfers from principal to income under section
21 6 636A.104 and distributes to the spouse from principal pursuant
21 7 to the terms of the trust are insufficient to provide the
21 8 spouse with the beneficial enjoyment required to obtain the
21 9 marital deduction, the spouse may require the trustee to make
21 10 property productive of income, convert property within a
21 11 reasonable time, or exercise the power conferred by section
21 12 636A.104, subsection 1. The trustee may decide which action
21 13 or combination of actions to take.
21 14 2. In all other cases, proceeds from the sale or other
21 15 disposition of an asset are principal without regard to the
21 16 amount of income the asset produces during any accounting
21 17 period.
21 18 Sec. 23. NEW SECTION. 636A.426 DERIVATIVES AND OPTIONS.
21 19 1. For purposes of this section, "derivative" means a
21 20 contract or financial instrument or a combination of contracts
21 21 and financial instruments which gives a trust the right or
21 22 obligation to participate in some or all changes in the price
21 23 of a tangible or intangible asset or group of assets, or
21 24 changes in a rate, an index of prices or rates, or other
21 25 market indicator for an asset or a group of assets.
21 26 2. To the extent that a trustee does not account under
21 27 section 636A.403 for transactions in derivatives, receipts
21 28 from and disbursements made in connection with those
21 29 transactions must be allocated to principal.
21 30 3. If a trustee grants an option to buy property from the
21 31 trust, whether or not the trust owns the property when the
21 32 option is granted, grants an option that permits another
21 33 person to sell property to the trust, or acquires an option to
21 34 buy property for the trust or an option to sell an asset owned
21 35 by the trust, and the trustee or other owner of the asset is
22 1 required to deliver the asset if the option is exercised, an
22 2 amount received for granting the option must be allocated to
22 3 principal, and an amount paid to acquire the option must be
22 4 paid from principal. A gain or loss realized upon the
22 5 exercise of an option, including an option granted to a
22 6 settlor of the trust for services rendered, must be allocated
22 7 to principal.
22 8 Sec. 24. NEW SECTION. 636A.427 ASSET-BACKED SECURITIES.
22 9 1. For purposes of this section, "asset-backed security"
22 10 means an asset whose value is based upon the right it gives
22 11 the owner to receive distributions from the proceeds of
22 12 financial assets that provide collateral for the security.
22 13 The term includes an asset that gives the owner the right to
22 14 receive only the interest or other current return from the
22 15 collateral financial assets or only the proceeds from the
22 16 capital investment in the collateral financial assets. It
22 17 does not include an asset to which section 636A.401 or
22 18 636A.421 applies.
22 19 2. If a trust receives a payment from the interest or
22 20 other current return and the capital investment of the
22 21 collateral financial assets, the trustee shall allocate to
22 22 income the portion of a payment that the payor identifies as
22 23 being from the interest or other current return, and shall
22 24 allocate the balance of the payment to principal.
22 25 3. If a trust receives one or more payments in exchange
22 26 for the trust's entire interest in an asset-backed security in
22 27 one accounting period, the trustee shall allocate the payments
22 28 to principal. If a payment is one of a series of payments
22 29 that will result in the liquidation of the trust's interest in
22 30 the security over more than one accounting period, the trustee
22 31 shall allocate ten percent of the payment to income and the
22 32 balance to principal.
22 33 SUBCHAPTER 5
22 34 ALLOCATION OF DISBURSEMENTS DURING
22 35 ADMINISTRATION OF TRUST
23 1 Sec. 25. NEW SECTION. 636A.501 DISBURSEMENTS FROM
23 2 INCOME.
23 3 A trustee shall make disbursements from income, to the
23 4 extent that they are not disbursements to which section
23 5 636A.201, subsection 2, paragraph "b" or "c", applies,
23 6 according to the following:
23 7 1. One-half of the regular compensation of the trustee and
23 8 of any person providing investment advisory or custodial
23 9 services to the trustee.
23 10 2. One-half of all expenses for accountings, judicial
23 11 proceedings, or other matters that involve both the income and
23 12 remainder interests.
23 13 3. All of the other ordinary expenses incurred in
23 14 connection with the administration, management, or
23 15 preservation of trust property and the distribution of income,
23 16 including interest, ordinary repairs, regularly recurring
23 17 taxes assessed against principal, and expenses of a proceeding
23 18 or other matter that concerns primarily the income interest.
23 19 4. Recurring premiums on insurance covering the loss of a
23 20 principal asset or the loss of income from or use of the
23 21 asset.
23 22 Sec. 26. NEW SECTION. 636A.502 DISBURSEMENTS FROM
23 23 PRINCIPAL.
23 24 1. A trustee shall make disbursements from principal
23 25 according to the following:
23 26 a. The remaining one-half of the disbursements described
23 27 in section 636A.501, subsections 1 and 2.
23 28 b. All of the trustee's compensation calculated on
23 29 principal as an acceptance, distribution, or termination fee,
23 30 and disbursements made to prepare property for sale.
23 31 c. Payments on the principal of a trust debt.
23 32 d. Expenses of a proceeding that concerns primarily
23 33 principal, including a proceeding to construe the trust or to
23 34 protect the trust or its property.
23 35 e. Insurance premiums paid on a policy not described in
24 1 section 636A.501, subsection 4, of which the trust is the
24 2 owner and beneficiary.
24 3 f. Estate, inheritance, and other transfer taxes,
24 4 including penalties, apportioned to the trust.
24 5 g. Disbursements related to environmental matters,
24 6 including reclamation, assessing environmental conditions,
24 7 remedying and removing environmental contamination, monitoring
24 8 remedial activities and the release of substances, preventing
24 9 future releases of substances, collecting amounts from persons
24 10 liable or potentially liable for the costs of those
24 11 activities, penalties imposed under environmental laws or
24 12 regulations and other payments made to comply with those laws
24 13 or regulations, statutory or common law claims by third
24 14 parties, and defending claims based on environmental matters.
24 15 2. If a trust owns a policy of insurance on the life of an
24 16 individual and the trust is not the beneficiary of the policy,
24 17 premiums paid on the policy are a distribution from principal
24 18 to the policy beneficiary.
24 19 3. If a principal asset is encumbered with an obligation
24 20 that requires income from that asset to be paid directly to
24 21 the creditor, the trustee shall transfer from principal to
24 22 income an amount equal to the income paid to the creditor in
24 23 reduction of the obligation's principal balance.
24 24 Sec. 27. NEW SECTION. 636A.503 TRANSFERS FROM INCOME TO
24 25 PRINCIPAL FOR DEPRECIATION.
24 26 1. For purposes of this section, "depreciation" means a
24 27 reduction in value of a fixed asset having a useful life of
24 28 more than one year due to wear, tear, decay, corrosion, or
24 29 gradual obsolescence.
24 30 2. A trustee may transfer to principal a reasonable amount
24 31 of the net cash receipts from a principal asset that is
24 32 subject to depreciation, but a transfer shall not be made for
24 33 depreciation under any of the following circumstances:
24 34 a. When the depreciation involves the portion of real
24 35 property used or available for use by a beneficiary as a
25 1 residence, or tangible personal property held or made
25 2 available for the personal use or enjoyment of a beneficiary.
25 3 b. When the depreciation occurs during the administration
25 4 of a decedent's estate.
25 5 c. If the trustee is accounting under section 636A.403 for
25 6 the business or activity in which the asset is used.
25 7 3. An amount transferred to principal need not be held as
25 8 a separate fund.
25 9 Sec. 28. NEW SECTION. 636A.504 TRANSFERS FROM INCOME TO
25 10 REIMBURSE PRINCIPAL.
25 11 1. If a trustee makes or expects to make a principal
25 12 disbursement described in this section, the trustee may
25 13 transfer an appropriate amount from income to principal in one
25 14 or more accounting periods to reimburse principal or to
25 15 provide a reserve for future principal disbursements.
25 16 2. Principal disbursements to which subsection 1 applies
25 17 include all of the following, but only to the extent that the
25 18 trustee has not been and does not expect to be reimbursed by a
25 19 third party:
25 20 a. An amount chargeable to income but paid from principal
25 21 because it is unusually large, including extraordinary
25 22 repairs.
25 23 b. A capital improvement to a principal asset, whether in
25 24 the form of changes to an existing asset or the construction
25 25 of a new asset, including special assessments.
25 26 c. Disbursements made to prepare property for rental,
25 27 including leasehold improvements and broker's commissions.
25 28 d. Periodic payments on an obligation secured by a
25 29 principal asset to the extent that the amount transferred from
25 30 income to principal for depreciation is less than the periodic
25 31 payments.
25 32 e. Disbursements described in section 636A.502, subsection
25 33 1, paragraph "g".
25 34 3. If the asset whose ownership gives rise to the
25 35 disbursements becomes subject to a successive income interest
26 1 after an income interest ends, a trustee may continue to
26 2 transfer amounts from income to principal as provided in
26 3 subsection 1.
26 4 Sec. 29. NEW SECTION. 636A.505 INCOME TAXES.
26 5 1. A tax required to be paid by a trustee based on
26 6 receipts allocated to income must be paid from income.
26 7 2. A tax required to be paid by a trustee based on
26 8 receipts allocated to principal must be paid from principal,
26 9 even if the tax is called an income tax by the taxing
26 10 authority.
26 11 3. A tax required to be paid by a trustee on the trust's
26 12 share of an entity's taxable income must be paid
26 13 proportionately, according to all of the following principles:
26 14 a. From income, to the extent that receipts from the
26 15 entity are allocated to income.
26 16 b. From principal, to the extent that the following
26 17 principles are observed:
26 18 (1) Receipts from the entity are allocated to principal.
26 19 (2) The trust's share of the entity's taxable income
26 20 exceeds the total receipts in paragraph "a" and in
26 21 subparagraph (1).
26 22 4. For purposes of this section, receipts allocated to
26 23 principal or income shall be reduced by the amount distributed
26 24 to a beneficiary from principal or income for which the trust
26 25 receives a deduction in calculating the tax.
26 26 Sec. 30. NEW SECTION. 636A.506 ADJUSTMENTS BETWEEN
26 27 PRINCIPAL AND INCOME BECAUSE OF TAXES.
26 28 1. A fiduciary may make adjustments between principal and
26 29 income to offset the shifting of economic interests or tax
26 30 benefits between income beneficiaries and remainder
26 31 beneficiaries which arise from any of the following:
26 32 a. Elections and decisions, other than those described in
26 33 subsection 2, that the fiduciary makes from time to time
26 34 regarding tax matters.
26 35 b. An income tax or any other tax that is imposed upon the
27 1 fiduciary or a beneficiary as a result of a transaction
27 2 involving or a distribution from the estate or trust.
27 3 c. The ownership by an estate or trust of an interest in
27 4 an entity whose taxable income, whether or not distributed, is
27 5 includable in the taxable income of the estate, trust, or a
27 6 beneficiary.
27 7 2. If the amount of an estate tax marital deduction or
27 8 charitable contributions deduction is reduced because a
27 9 fiduciary deducts an amount that is paid from principal for
27 10 income tax purposes instead of deducting it for estate tax
27 11 purposes, and as a result estate taxes paid from principal are
27 12 increased and income taxes paid by an estate, trust, or
27 13 beneficiary are decreased, each estate, trust, or beneficiary
27 14 that benefits from the decrease in income tax shall reimburse
27 15 the principal from which the increase in estate tax is paid.
27 16 The total reimbursement must equal the increase in the estate
27 17 tax to the extent that the principal used to pay the increase
27 18 would have qualified for a martial deduction or charitable
27 19 contributions deduction but for the payment. The
27 20 proportionate share of the reimbursement for each estate,
27 21 trust, or beneficiary whose income taxes are reduced must be
27 22 the same as its proportionate share of the total decrease in
27 23 income tax. An estate or trust shall reimburse principal from
27 24 income.
27 25 SUBCHAPTER 6
27 26 MISCELLANEOUS PROVISIONS
27 27 Sec. 31. NEW SECTION. 636A.601 APPLICATION OF CHAPTER TO
27 28 EXISTING TRUSTS AND ESTATES.
27 29 This chapter applies to every trust or decedent's estate on
27 30 and after July 1, 1998, except as otherwise expressly provided
27 31 in the will, the terms of the trust, or in this chapter.
27 32 EXPLANATION
27 33 This bill enacts the uniform principal and interest Act, as
27 34 revised by the national conference of commissioners on uniform
27 35 state laws in 1997. Certain technical changes have been made
28 1 to adjust the format of the uniform Act so that it complies
28 2 with the general style of the Iowa Code.
28 3 Subchapter 1 contains the short title of the Act, relevant
28 4 definitions, and general principles regarding fiduciary duties
28 5 and the powers of the trustee.
28 6 Subchapter 2 addresses distribution issues at the end of a
28 7 trust.
28 8 Subchapter 3 addresses apportionment issues at the
28 9 beginning and the end of income interest.
28 10 Subchapter 4 contains three parts addressing allocation of
28 11 receipts during the administration of a trust. Part 1
28 12 pertains to allocation of receipts from entities. Part 2
28 13 addresses receipts that are not normally apportioned but are
28 14 allocated wholly to principal or income. Part 3 addresses
28 15 receipts that are normally apportioned between principal and
28 16 income.
28 17 Subchapter 5 addresses the issue of disbursements during
28 18 the administration of a trust, including disbursements from
28 19 principal and from income, in general, as well as certain
28 20 transfers and the payment of taxes.
28 21 The bill contains an applicability provision, making the
28 22 bill applicable to trusts and estates on and after July 1,
28 23 1998, except as provided in the will, the terms of the trust,
28 24 or in particular sections of the bill.
28 25 LSB 3915HC 77
28 26 jls/jw/5
Text: HSB00689 Text: HSB00691 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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