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![handle is hein.nccusl/nccpub01187 and id is 1 raw text is: UNIFORM PRINCIPAL AND INCOME ACT (1997)
[ARTICLE] 1
DEFINITIONS AND FIDUCIARY DUTIES
SECTION 101. SHORT TITLE. This [Act] may be cited as the Uniform
Principal and Income Act (1997).
SECTION 102. DEFINITIONS. In this [Act]:
(1) Accounting period means a calendar year unless another 12-month
period is selected by a fiduciary. The term includes a portion of a calendar year or
other 12-month period that begins when an income interest begins or ends when an
income interest ends.
(2) Beneficiary includes, in the case of a decedent's estate, an heir L,
legatee,] and devisee and, in the case of a trust, an income beneficiary and a
remainder beneficiary.
(3) Fiduciary means a personal representative or a trustee. The term
includes an executor, administrator, successor personal representative, special
administrator, and a person performing substantially the same function.
(4) Income means money or property a fiduciary receives as the current
return from a principal asset. The term includes a portion of the receipts from a
sale, exchange, or liquidation of a principal asset, to the extent provided in [Article]
4.
(5) Income beneficiary means a person to whom a trust's net income is or
may be payable.
(6) Income interest means an income beneficiary's right to receive all or
part of the net income, whether the terms of the trust require it to be distributed or
authorize it to be distributed in the trustee's discretion.](ViewImageLocal?handle=hein.nccusl/nccpub01187&div=1&collection=&method=preview&ext=.png&size=3)