Texas Statutes
Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts
Chapter 116 - Uniform Principal and Income Act

Subchapter A. Definitions, Fiduciary Duties, and Other Miscellaneous Provisions

Section 116.001. Short Title - Sec. 116.001. SHORT TITLE. This chapter may be cited as...

Section 116.002. Definitions - Sec. 116.002. DEFINITIONS. In this chapter: (1) "Accounting period" means...

Section 116.003. Uniformity of Application and Construction - Sec. 116.003. UNIFORMITY OF APPLICATION AND CONSTRUCTION. In applying and...

Section 116.004. Fiduciary Duties; General Principles - Sec. 116.004. FIDUCIARY DUTIES; GENERAL PRINCIPLES. (a) In allocating receipts...

Section 116.005. Trustee's Power to Adjust - Sec. 116.005. TRUSTEE'S POWER TO ADJUST. (a) A trustee may...

Section 116.006. Judicial Control of Discretionary Power - Sec. 116.006. JUDICIAL CONTROL OF DISCRETIONARY POWER. (a) The court...

Subchapter B. Decedent's Estate or Terminating Income Interest

Section 116.051. Determination and Distribution of Net Income - Sec. 116.051. DETERMINATION AND DISTRIBUTION OF NET INCOME. After a...

Section 116.052. Distribution to Residuary and Remainder Beneficiaries - Sec. 116.052. DISTRIBUTION TO RESIDUARY AND REMAINDER BENEFICIARIES. (a) Each...

Subchapter C. Apportionment at Beginning and End of Income Interest

Section 116.101. When Right to Income Begins and Ends - Sec. 116.101. WHEN RIGHT TO INCOME BEGINS AND ENDS. (a)...

Section 116.102. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins - Sec. 116.102. APPORTIONMENT OF RECEIPTS AND DISBURSEMENTS WHEN DECEDENT DIES...

Section 116.103. Apportionment When Income Interest Ends - Sec. 116.103. APPORTIONMENT WHEN INCOME INTEREST ENDS. (a) In this...

Subchapter D. Allocation of Receipts During Administration of Trust

Part 1. Receipts From Entities

Section 116.151. Character of Receipts - Sec. 116.151. CHARACTER OF RECEIPTS. (a) In this section, "entity"...

Section 116.152. Distribution From Trust or Estate - Sec. 116.152. DISTRIBUTION FROM TRUST OR ESTATE. A trustee shall...

Section 116.153. Business and Other Activities Conducted by Trustee - Sec. 116.153. BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE. (a)...

Part 2. Receipts Not Normally Apportioned

Section 116.161. Principal Receipts - Sec. 116.161. PRINCIPAL RECEIPTS. A trustee shall allocate to principal:...

Section 116.162. Rental Property - Sec. 116.162. RENTAL PROPERTY. To the extent that a trustee...

Section 116.163. Obligation to Pay Money - Sec. 116.163. OBLIGATION TO PAY MONEY. (a) An amount received...

Section 116.164. Insurance Policies and Similar Contracts - Sec. 116.164. INSURANCE POLICIES AND SIMILAR CONTRACTS. (a) Except as...

Part 3. Receipts Normally Apportioned

Section 116.171. Insubstantial Allocations Not Required - Sec. 116.171. INSUBSTANTIAL ALLOCATIONS NOT REQUIRED. If a trustee determines...

Section 116.172. Deferred Compensation, Annuities, and Similar Payments - Sec. 116.172. DEFERRED COMPENSATION, ANNUITIES, AND SIMILAR PAYMENTS. (a) In...

Section 116.173. Liquidating Asset - Sec. 116.173. LIQUIDATING ASSET. (a) In this section, "liquidating asset"...

Section 116.174. Minerals, Water, and Other Natural Resources - Sec. 116.174. MINERALS, WATER, AND OTHER NATURAL RESOURCES. (a) To...

Section 116.175. Timber - Sec. 116.175. TIMBER. (a) To the extent that a trustee...

Section 116.176. Property Not Productive of Income - Sec. 116.176. PROPERTY NOT PRODUCTIVE OF INCOME. (a) If a...

Section 116.177. Derivatives and Options - Sec. 116.177. DERIVATIVES AND OPTIONS. (a) In this section, "derivative"...

Section 116.178. Asset-Backed Securities - Sec. 116.178. ASSET-BACKED SECURITIES. (a) In this section, "asset-backed security"...

Subchapter E. Allocation of Disbursements During Administration of Trust

Section 116.201. Disbursements From Income - Sec. 116.201. DISBURSEMENTS FROM INCOME. A trustee shall make the...

Section 116.202. Disbursements From Principal - Sec. 116.202. DISBURSEMENTS FROM PRINCIPAL. (a) A trustee shall make...

Section 116.203. Transfers From Income to Principal for Depreciation - Sec. 116.203. TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION. (a)...

Section 116.204. Transfers From Income to Reimburse Principal - Sec. 116.204. TRANSFERS FROM INCOME TO REIMBURSE PRINCIPAL. (a) If...

Section 116.205. Income Taxes - Sec. 116.205. INCOME TAXES. (a) A tax required to be...

Section 116.206. Adjustments Between Principal and Income Because of Taxes - Sec. 116.206. ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES....