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33-12-5
Section 33-12-5 Powers, duties and functions. The powers, duties and functions of the agency
shall be as follows: (1) GENERALLY. The agency a. Shall have perpetual succession in its corporate
name. b. May sue and be sued in its corporate name. c. May adopt, use and alter a corporate
seal, which shall be judicially noticed. d. May enter into such contracts and cooperative
agreements with the federal, state and local governments, with agencies of such governments,
with private individuals, corporations, associations, trusts and other organizations as the
board may deem necessary or convenient to enable it to carry out the purposes of this chapter,
including the planned, orderly residential development of the area. e. May adopt, amend and
repeal bylaws. f. May appoint such managers, officers, employees, attorneys and agents as
the board deems necessary for the transaction of its business, fix their compensation, define
their duties, require bonds of such of them as the board may...
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19-3A-301
Section 19-3A-301 When right to income begins and ends. (a) An income beneficiary is entitled
to net income from the date on which the income interest begins. An income interest begins
on the date specified in the terms of the trust or, if no date is specified, then on the date
an asset becomes subject to a trust or a successive income interest. (b) An asset becomes
subject to a trust at the following times: (1) In the case of an asset that is transferred
to a trust during the transferor's life, on the date such asset is transferred to the trust;
(2) In the case of an asset that becomes subject to a trust by reason of a will, on the date
of a testator's death, even if there is an intervening period of administration of the testator's
estate; or (3) In the case of an asset that is transferred to a fiduciary by a third party
because of the individual's death, on the date of an individual's death. (c) An asset becomes
subject to a successive income interest on the day after the preceding...
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19-3A-408
Section 19-3A-408 Insubstantial allocations not required. (a) If a fiduciary determines that
an allocation between principal and income required by Section 19-3A-409, Section 19-3A-410,
Section 19-3A-411, Section 19-3A-412, or Section 19-3A-415 is insubstantial, then the fiduciary
may allocate the entire amount to principal, unless one of the circumstances described in
Section 19-3A-104(c) applies to the allocation. This power may be exercised by a co-trustee
in the circumstances described in Section 19-3A-104(d) and may be released for the reasons
and in the manner described in Section 19-3A-104(e). For purposes of this subsection, the
circumstances set forth in Section 19-3A-104(c), Section 19-3A-104(d), and Section 19-3A-104(e)
shall be applied whether or not Section 19-3A-104 is otherwise applicable to the trust. (b)
Nothing in this section imposes a duty on the fiduciary to make an allocation pursuant to
this section, and the fiduciary is not liable for failure to make an...
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19-3A-402
Section 19-3A-402 Distributions from trust or decedent's estate. A fiduciary shall allocate
to income an amount received as a distribution of income from a trust or a decedent's estate
in which the trust has an interest other than a purchased interest, and shall allocate to
principal an amount received as a distribution of principal from such a trust or decedent's
estate. If a fiduciary purchases an interest in a trust that is an investment entity, or a
decedent or donor transfers an interest in such a trust to a fiduciary, then Section 19-3A-401
or Section 19-3A-415 applies to a receipt from such a trust. (Act 2000-675, p. 1343, ยง1.)...
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19-3A-505
Section 19-3A-505 Income taxes. (a) A tax required to be paid by a fiduciary based on receipts
allocated to income shall be paid from income. (b) A tax required to be paid by a fiduciary
based on receipts allocated to principal shall be paid from principal, even if the tax is
called an income tax by the taxing authority. (c) A tax required to be paid by a fiduciary
on the trust's share of an entity's taxable income shall be paid as follows: (1) From income
to the extent that receipts from the entity are allocated only to income; (2) From principal
to the extent that receipts from the entity are allocated only to principal; (3) Proportionately
from principal and income to the extent that receipts from the entity are allocated to both
income and principal; and (4) From principal to the extent that the tax exceeds the total
receipts from the entity. (d) After applying subsections (a) through (c), the fiduciary shall
adjust income or principal receipts to the extent that the trust's taxes...
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19-3A-412
Section 19-3A-412 Timber. (a) To the extent that a fiduciary accounts for receipts from the
sale of timber and related products pursuant to this section, the fiduciary shall allocate
the net receipts first to principal, based upon the volume of the timber at the time of transfer
to the trust or decedent's estate. The balance shall be allocated eighty percent (80%) to
income and the balance to principal. (b) In determining net receipts as provided for in subsection
(a), a fiduciary shall deduct the following expenses related to the sale of timber and related
products from gross receipts: (1) Management expenses; (2) Legal and accounting expenses and
fees; (3) Sales commissions; (4) Reforestation expenses; and (5) Any necessary timber stand
improvement expense that is recognized and accepted as good forest management practice at
the time of sale. (c) This chapter applies whether or not a decedent or transferor was harvesting
timber from the property before it became subject to the trust...
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19-3A-406
Section 19-3A-406 Bonds and other obligations. (a) An amount received as interest, whether
determined at a fixed, variable, or floating rate, on a bond or an obligation to pay money
to the fiduciary shall be allocated to income. (b) Except as provided for in subsection (c)
and subsection (d), a fiduciary shall allocate to principal any gain or loss realized upon
the sale or maturity of any bond or obligation to pay money to the fiduciary, regardless of
how such bond or other obligation was acquired. (c) A fiduciary shall allocate to income the
difference between inventory value or cost, and the amount realized upon sale or maturity,
if greater, for bonds or other obligations that do not bear interest, regardless of how or
when such bond or other obligation was acquired. (d) For bonds or other obligations that are
acquired by a fiduciary subsequent to the time the principal was established and whose cost
is greater than their par or maturity value, the fiduciary shall amortize...
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19-3A-303
Section 19-3A-303 Apportionment when income interest ends. (a) For the purposes of this section,
"undistributed income" means net income received before the date on which an income
interest ends. The term does not include an item of income or expense that is due or accrued
or net income that has been added or is required to be added to principal under the terms
of the trust. (b) Except as provided in subsection (c), on the date when a mandatory income
interest ends, the fiduciary shall pay to a mandatory income beneficiary who survives that
date, or the estate of a deceased mandatory income beneficiary whose death causes the interest
to end, the mandatory income beneficiary's share of the undistributed income that is not disposed
of under the terms of the trust. (c) If, immediately before the income interest ends, the
mandatory income beneficiary has an unqualified power to revoke more than five percent of
the trust, then the undistributed income from the portion of the trust that may...
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19-3A-409
Section 19-3A-409 Deferred compensation, annuities, and similar payments. (a) In this section:
(1) "Payment" means a payment that a fiduciary may receive over a fixed number of
years or during the life of one or more individuals because of services rendered or property
transferred to the payer in exchange for future payments. The term includes a payment made
in money or property from the payer's general assets or from a separate fund created by the
payer. For purposes of subsections (d), (e), (f), and (g), the term also includes any payment
from any separate fund, regardless of the reason for the payment. (2) "Separate fund"
includes a private or commercial annuity, an individual retirement account, and a pension,
profit-sharing, stock-bonus, or stock-ownership plan. (b) To the extent that a payment or
portion thereof is characterized by other sections of this chapter as income in the hands
of the payer, a fiduciary shall allocate such payment or portion thereof to income. The...
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19-3D-13
Section 19-3D-13 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. TRUST FOR BENEFICIARY
WITH DISABILITY. (a) In this section the following terms have the following meanings: (1)
BENEFICIARY WITH A DISABILITY. A beneficiary of a first trust who the authorized fiduciary
believes may qualify for governmental benefits based on disability, whether or not the beneficiary
currently receives those benefits or is an individual who has been adjudicated incompetent
or incapacitated. (2) GOVERNMENTAL BENEFITS. Financial aid or services from a state, federal,
or other public agency. (3) SPECIAL-NEEDS FIDUCIARY. With respect to a trust that has a beneficiary
with a disability: (A) a trustee or other fiduciary, other than a settlor, that has discretion
to distribute part or all of the principal of a first trust to one or more current beneficiaries;
(B) if no trustee or fiduciary has discretion under...
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