New York Laws
EPT - Estates, Powers and Trusts
Article 11-A - Uniform Principal and Income Act

Part 1 - Definitions and Fiduciary Duties

11-A-1.1 - Short Title - This article may be cited as the New York uniform...

11-A-1.2 - Definitions - (1) "Accounting period" means a calendar year unless another twelve-...

11-A-1.3 - Fiduciary Duties; General Principles - (a) In allocating receipts and disbursements to or between principal...

Part 2 - Decedent's Estate or Terminating Income Interest

11-A-2.1 - Determination and Distribution of Net Income - (1) A fiduciary of an estate or of a terminating...

11-A-2.2 - Distribution to Risiduary and Remainder Beneficiaries - (a) Each beneficiary described in paragraph 11-A-2.1 (4) is entitled...

Part 3 - Apportionment at Beginning and End of Income Interest

11-A-3.1 - When Right to Income Begins and Ends - (a) An income beneficiary is entitled to net income from...

11-A-3.2 - Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins - (a) A trustee shall allocate an income receipt or disbursement...

11-A-3.3 - Apportionment When Income Interest Ends - (a) In this section, "undistributed income" means net income received...

Part 4 - Allocation of Receipts During Administration of Trust

Sub Part 1 - Receipts From Entities

11-A-4.1 - Character of Receipts - (a) In this section, "entity" means a corporation, partnership, limited...

11-A-4.2 - Distribution From Trust or Estate - A trustee shall allocate to income an amount received as...

11-A-4.3 - Business and Other Activities Conducted by Trustee - (a) If a trustee who conducts a business or other...

Sub Part 2 - Receipts Not Normally Apportioned

11-A-4.4 - Principal Receipts - (1) to the extent not allocated to income under this...

11-A-4.5 - Rental Property - To the extent that a trustee accounts for receipts from...

11-A-4.6 - Obligation to Pay Money - (a) An amount received as interest, whether determined at a...

11-A-4.7 - Insurance Policies and Similar Contracts - (a) Except as otherwise provided in paragraph (b), a trustee...

Sub Part 3 - Receipts Normally Apportioned

11-A-4.8 - Insubstantial Allocations Not Required - (1) the amount of the allocation would increase or decrease...

11-A-4.9 - Deferred Compensation, Annuities, and Similar Payments - (a) In this section, "payment" means a payment that a...

11-A-4.10 - Liquidating Asset - (a) In this section, "liquidating asset" means an asset whose...

11-A-4.11 - Minerals, Water, and Other Natural Resources - (a) To the extent that a trustee accounts for receipts...

11-A-4.12 - Timber - (a) To the extent that a trustee accounts for receipts...

11-A-4.13 - Property Not Productive of Income - (a) If a gift tax or estate tax marital deduction...

11-A-4.14 - Derivatives and Options - (a) In this section, "derivative" means a contract or financial...

11-A-4.15 - Asset-Backed Securities - (a) In this section, "asset-backed security" means an asset whose...

Part 5 - Allocation of Disbursements During Administration of Trust

11-A-5.1 - Disbursements From Income - (1) one-third of the regular compensation of any person providing...

11-A-5.2 - Disbursements From Principal - (a) A trustee shall make the following disbursements from principal:...

11-A-5.3 - Transfers From Income to Principal for Depreciation - (a) In this section, "depreciation" means a reduction in value...

11-A-5.4 - Transfers From Income to Reimburse Principal - (a) If a trustee makes or expects to make a...

11-A-5.5 - Income Taxes - (a) A tax required to be paid by a trustee...

11-A-5.6 - Adjustments Between Principal and Income Because of Taxes - (1) elections and decisions that the fiduciary makes from time...

Part 6 - Miscellaneous Provisions

11-A-6.1 - Uniformity of Application and Construction - In applying and construing this article, consideration must be given...

11-A-6.2 - Severability Clause - If any provision of this article or its application to...

11-A-6.3 - Effective Date - This article takes effect on January first, two thousand two.

11-A-6.4 - Application of Article - Except as specifically provided in the trust instrument, the will,...