reglab/housing_qa huggingface dataset:
14 V.S.A. § 3371
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3371. Disbursements from income

§ 3371. Disbursements from income|A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subdivision 3331(2)(B) or (C) of this title applies:  (1) one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (2) one-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests; (3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and (4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3372
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3372. Disbursements from principal

§ 3372. Disbursements from principal|(a) A trustee shall make the following disbursements from principal:  (1) the remaining one-half of the disbursements described in subdivisions 3371(1) and (2) of this title; (2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale; (3) payments on the principal of a trust debt; (4) expenses that extend the life of trust property or that change the form of principal to an improvement or accretion to another item of trust property; (5) expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property; (6) premiums paid on a policy of insurance not described in subdivision 3371(4) of this title of which the trust is the owner and beneficiary; (7) estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and (8) disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.   (b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3373
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3373. Transfers from income to principal for depreciation

§ 3373. Transfers from income to principal for depreciation|(a) As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation in the following instances:  (1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; (2) during the administration of a decedent's estate; or (3) under this section if the trustee is accounting under section 3353 of this title for the business or activity in which the asset is used.   (c) An amount transferred to principal need not be held as a separate fund. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3374
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3374. Transfers from income to reimburse principal

§ 3374. Transfers from income to reimburse principal|(a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.(b) Principal disbursements to which subsection (a) of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:  (1) an amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs; (2) a capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments; (3) disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions; (4) periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and (5) disbursements described in subdivision 3372(a)(7) of this title.   (c) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (a) of this section. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3375
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3375. Income taxes

§ 3375. Income taxes|(a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.(b) A tax required to be paid by a trustee 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 trustee on the trust's share of an entity's taxable income shall be paid:  (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) of this section, the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3376
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3376. Adjustments between principal and income because of taxes

§ 3376. Adjustments between principal and income because of taxes|(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:  (1) elections and decisions, other than those described in subsection (b) of this section, that the fiduciary makes from time to time regarding tax matters; (2) an income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or (3) subject to subsection (b) of this section, the ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.   (b) A trustee shall make an adjustment from principal to income to compensate an income beneficiary for taxes paid or payable by the income beneficiary in respect of the taxable income of an entity that is taxable to the income beneficiary but that is distributed to the trustee and allocated to principal.(c) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement shall equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced shall be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3411
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3411. Short title

§ 3411. Short title|This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3412
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3412. Definitions

§ 3412. Definitions|In this chapter:  (1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community. (2) "Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use. (3) "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. (4) "Institution" means:  (A) a person, other than an individual, organized and operated exclusively for charitable purposes; (B) a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or (C) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.  (5) "Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:  (A) program-related assets; (B) a fund held for an institution by a trustee that is not an institution; or (C) a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.  (6) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. (7) "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment. (8) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3414
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3414. Appropriation for expenditure or accumulation of endowment fund; rules of construction

§ 3414. Appropriation for expenditure or accumulation of endowment fund; rules of construction|(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:  (1) the duration and preservation of the endowment fund; (2) the purposes of the institution and the endowment fund; (3) general economic conditions; (4) the possible effect of inflation or deflation; (5) the expected total return from income and the appreciation of investments; (6) other resources of the institution; and (7) the investment policy of the institution.   (b) To limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section, a gift instrument must specifically state the limitation.(c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income," "interest," "dividends," or "rents, issues, or profits," or "to preserve the principal intact," or words of similar import:  (1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and (2) do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3415
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3415. Delegation of management and investment functions

§ 3415. Delegation of management and investment functions|(a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:  (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.   (b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.(c) An institution that complies with subsection (a) of this section is not liable for the decisions or actions of an agent to which the function was delegated.(d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this State, an agent submits to the jurisdiction of the courts of this State in all proceedings arising from or related to the delegation or the performance of the delegated function.(e) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this State other than this chapter. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3416
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3416. Release or modification of restrictions on management, investment, or purpose

§ 3416. Release or modification of restrictions on management, investment, or purpose|(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.(b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor's probable intention.(c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard.(d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the Attorney General, may release or modify the restriction, in whole or in part, if:  (1) the institutional fund subject to the restriction has a total value of less than $50,000.00; (2) more than 20 years have elapsed since the fund was established; and (3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3417
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3417. Reviewing compliance

§ 3417. Reviewing compliance|Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3418
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3418. Application to existing institutional funds

§ 3418. Application to existing institutional funds|This chapter applies to institutional funds existing on or established after the May 5, 2019. As applied to institutional funds existing on May 5, 2009, this chapter governs only decisions made or actions taken on or after that date. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3419
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3419. Relation to electronic signatures in Global and National Commerce Act

§ 3419. Relation to electronic signatures in Global and National Commerce Act|This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq., but does not modify, limit, or supersede § 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any of the notices described in § 103 of that act, 15 U.S.C. § 7003. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3420
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 120 - Uniform Prudent Management of Institutional Funds Act|§ 3420. Uniformity of application and construction

§ 3420. Uniformity of application and construction|In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
14 V.S.A. § 3501
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 123 - Powers of Attorney|§ 3501. Definitions

§ 3501. Definitions|As used in this subchapter:  (1) "Accounting" means a written statement itemizing transactions taken by an agent pursuant to authority granted by a principal under a power of attorney. (2) "Agent" means a person named by a principal in a written power of attorney to act on the principal's behalf, and is synonymous with the term "attorney-in-fact". (3) "Commercial transaction" means any transaction entered into on behalf of the principal for commercial or business purposes and not primarily for personal, family, or household purposes. (4) "Compensation" means payment to the agent from assets of the principal for services rendered by the agent. (5) "Disability or incapacity of the principal" means a physical or mental condition which prevents the principal from directing the actions of the agent and would, under common law principles of agency, cause a power of attorney previously executed by the principal to terminate. (6) "Durable power of attorney" means a written power of attorney in which the authority of the agent does not terminate in the event of the disability or incapacity of the principal. (7) "Gift" means any transfer of anything of value for which consideration of less than fair market value is received. (8) "Power of attorney" means a written document by which a principal designates an agent to act in his or her behalf. (9) "Principal" means a person who executes a power of attorney designating one or more agents to act on his or her behalf. (10) "Revocation" means the cancellation by a principal of the authority previously given by the principal to an agent. (11) "Self-dealing" means any transaction, including transfer of property of a principal to an agent, that directly or indirectly benefits the agent or the immediate family of the agent, regardless of whether the agent has provided consideration for the transaction. (12) "Termination" means any occurrence or event, including revocation, which, under this subchapter, causes the authority previously given by a principal to an agent to cease. (13) "Terms of the power of attorney" means the specific language contained in a power of attorney. (14) "Third party" means any person that acts on a request from, contracts with, or otherwise deals with an agent pursuant to authority granted by a principal in a power of attorney. (Added 2001, No. 135 (Adj. Sess.), § 2, eff. June 13, 2002.)