California Code
PART 4 - TRUST ADMINISTRATION
CHAPTER 3 - Uniform Principal and Income Act

ARTICLE 1 - Short Title and Definitions

Section 16320. - 16320. This chapter may be cited as the Uniform Principal...

Section 16321. - 16321. The definitions in this article govern the construction of...

Section 16322. - 16322. “Accounting period” means a calendar year unless another 12-month...

Section 16323. - 16323. “Fiduciary” means a personal representative or a trustee. (Added...

Section 16324. - 16324. “Income” means money or property that a fiduciary receives...

Section 16325. - 16325. “Income beneficiary” means a person to whom net income...

Section 16326. - 16326. “Income interest” means the right of an income beneficiary...

Section 16327. - 16327. “Mandatory income interest” means the right of an income...

Section 16328. - 16328. “Net income” means the total receipts allocated to income...

ARTICLE 2 - General Provisions and Fiduciary Duties

Section 16335. - 16335. (a) In allocating receipts and disbursements to or between...

Section 16336. - 16336. (a) Subject to subdivision (b), a trustee may make...

Section 16336.4. - 16336.4. (a) Unless expressly prohibited by the governing instrument, a...

Section 16336.5. - 16336.5. (a) The trustee may convert a trust into a...

Section 16336.6. - 16336.6. Unless expressly prohibited by the governing instrument, a trustee...

Section 16336.7. - 16336.7. (a) Sections 16336.4 to 16336.6, inclusive, shall not impose...

Section 16337. - 16337. A trustee may give a notice of proposed action...

Section 16338. - 16338. In a proceeding with respect to a trustee’s exercise...

Section 16339. - 16339. This chapter applies to every trust or decedent’s estate...

ARTICLE 3 - Decedent s Estate or Terminating Income Interest

Section 16340. - 16340. After the decedent’s death, in the case of a...

Section 16341. - 16341. (a) Each beneficiary described in subdivision (d) of Section...

ARTICLE 4 - Apportionment at Beginning and End of Income Interest

Section 16345. - 16345. (a) An income beneficiary is entitled to net income...

Section 16346. - 16346. (a) A trustee shall allocate an income receipt or...

Section 16347. - 16347. (a) For the purposes of this section, “undistributed income”...

ARTICLE 5.1 - Allocation of Receipts During Administration of Trust: Receipts From Entities

Section 16350. - 16350. (a) As used in this section, “entity” shall mean...

Section 16351. - 16351. A trustee shall allocate to income an amount received...

Section 16352. - 16352. (a) If a trustee who conducts a business or...

ARTICLE 5.2 - Allocation of Receipts During Administration of Trust: Receipts Not Normally Apportioned

Section 16355. - 16355. A trustee shall allocate to principal: (a) To the...

Section 16356. - 16356. Unless the trustee accounts for receipts from rental property...

Section 16357. - 16357. (a) An amount received as interest, whether determined at...

Section 16358. - 16358. (a) Except as otherwise provided in subdivision (b), a...

ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned

Section 16360. - 16360. (a) If a trustee determines that an allocation between...

Section 16361. - 16361. (a) For purposes of this section, the following terms...

Section 16361.1. - 16361.1. Section 16361, as amended by the act adding this...

Section 16362. - 16362. (a) In this section, “liquidating asset” means an asset...

Section 16363. - 16363. (a) To the extent that a trustee accounts for...

Section 16364. - 16364. (a) To the extent that a trustee accounts for...

Section 16365. - 16365. (a) If a marital deduction is allowed for all...

Section 16366. - 16366. (a) In this section, “derivative” means a contract or...

Section 16367. - 16367. (a) In this section, “asset-backed security” means an asset...

ARTICLE 6 - Allocation of Disbursements During Administration of Trust

Section 16370. - 16370. A trustee shall make the following disbursements from income...

Section 16371. - 16371. (a) A trustee shall make the following disbursements from...

Section 16372. - 16372. (a) For purposes of this section, “depreciation” means a...

Section 16373. - 16373. (a) If a trustee makes or expects to make...

Section 16374. - 16374. (a) A tax required to be paid by a...

Section 16374.5. - 16374.5. Unless otherwise provided by the governing instrument, determined by...

Section 16375. - 16375. (a) A fiduciary may make adjustments between principal and...