reglab/housing_qa huggingface dataset:
LA Rev Stat § 9:2150 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2150. Bonds

RS 2150 - Bonds   A. Bonds or other obligations for the payment of money are principal at their inventory value, except as provided in Sub-section B below. No provision shall be made for amortization of bond premiums or for accumulation for discount. The proceeds of sale, redemption, or other disposition of the bonds or obligations are principal.  B. The increment in value of a bond or other obligation for the payment of money payable at a future time in accordance with a fixed schedule of appreciation in excess of the price at which it was issued is income. The increment in value is distributable at the time provided in R.S. 9:1841 through 9:1847, R.S. 9:1891 through 9:1906, and R.S. 9:1961 through 9:1965, from the first principal cash available to the beneficiary who was the income beneficiary at the time of increment. If unrealized increment is distributed as income but out of principal, the principal shall be reimbursed for the increment when realized. NOTE: §2150 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2150 - Obligation to pay money  A. An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received in return for prepaying principal, shall be allocated to income without any provision for amortization of premium.  B. A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust shall be allocated to income.  C. This Section does not apply to an obligation to which R.S. 9:2151.2, 2152, 2153, or 2154 applies.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2151 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2151. Business operations

RS 2151 - Business operations   If a trustee uses any part of the principal in the operation of a business of which, as trustee, he is a proprietor or a partner, the proceeds and losses of the business shall be allocated in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal, and in view of the manner in which men of ordinary prudence, discretion, and intelligence would act in the management of their own affairs. NOTE: §2151 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2151 - Sole proprietorship  The receipts and expenses of a sole proprietorship shall be allocated in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2151.1 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2151.1. Insurance contracts

RS 2151.1 - Insurance contracts  A. A trustee shall allocate to principal the proceeds of a life insurance policy in which the trustee is named as beneficiary.  B. A trustee shall allocate to principal the proceeds of a contract that insures the trustee against loss for damage to, destruction of, or loss of an interest in a trust asset.  C. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.  D. A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or loss of profits from a business.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2151.2 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2151.2. Deferred compensation, annuities, and similar payments

RS 2151.2 - Deferred compensation, annuities, and similar payments  A. Payments made in money or other property to a trustee over a period of years or during the life of an individual from an annuity, an individual retirement account, an employee-benefit plan, a pension plan, a profit-sharing plan, a deferred compensation plan, or any similar arrangement created pursuant to income-tax incentives to fund for retirement are allocated as follows:  (1) To the extent that a payment is characterized as interest, a dividend, or a payment made in lieu of interest or a dividend, a trustee shall allocate the payment to income. The trustee shall allocate to principal the balance of the payment and any other payment received in the same accounting period that is not characterized as interest, a dividend, or an equivalent payment.  (2) If no part of a payment is characterized as interest, a dividend, or an equivalent payment, and all or part of the payment is required to be made, a trustee shall allocate to income ten percent of the part that is required to be made during the accounting period and the balance to principal. If no part of a payment is required to be made or the payment received is the entire amount to which the trustee is entitled, the trustee shall allocate the entire payment to principal. To the extent that a trustee exercises a right of withdrawal, a payment is not considered to be required to be made.  B. If, in order to qualify for a marital deduction, a trustee must allocate more of a payment to income than provided for in this Section, the trustee shall allocate to income the additional amount necessary to qualify for the marital deduction.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2153 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2153. Timber

RS 2153 - Timber   If part of the principal consists of land from which timber may be removed, the receipts from taking the timber from the land shall be allocated in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal, and in view of the manner in which men of ordinary prudence, discretion, and intelligence would act in the management of their own affairs. NOTE: §2153 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2153 - Timber  A. If part of the principal consists of land from which timber may be removed, the receipts from taking the timber from the land shall be allocated in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal.  B. An allocation of a receipt under this Section is presumed to be reasonable and equitable if ninety percent is allocated to principal and ten percent to income. Any other allocation shall not be presumed to be unreasonable or inequitable.  Amended by Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2154 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2154. Other property subject to depletion

RS 2154 - Other property subject to depletion  Except as provided in R.S. 9:2152 and 9:2153, if the principal consists of property subject to depletion, receipts from the property not in excess of five percent of its inventory value are income, and the balance is principal. NOTE: §2154 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2154 - Other property subject to depletion  A. Except as provided in R.S. 9:2152 and 2153, if the principal consists of property subject to depletion, the receipts shall be allocated in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as those entitled to principal.  B. An allocation of a receipt under this Section is presumed to be reasonable and equitable if ninety percent is allocated to principal and ten percent to income. Any other allocation shall not be presumed to be unreasonable or inequitable.  Amended by Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2155 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2155. Underproductive property

RS 2155 - Underproductive property  A portion of the net proceeds of sale of any part of principal that has not produced an average net income (including the value of any beneficial use of the property by the income beneficiary) of at least one percent per annum of its inventory value for more than a year shall be treated as delayed income to which the income beneficiary is entitled as provided in this section. The net proceeds of sale are the gross proceeds received, including the value of any property received in substitution for the property disposed of, less expenses, including income taxes, incurred in disposition and less carrying charges accrued while the property was underproductive.  The sum allocated as delayed income is the difference between the net proceeds and the amount that, had it been invested at simple interest at four percent per annum while the property was underproductive, would have produced the net proceeds. That sum, plus any carrying charges and expenses previously charged against income while the property was underproductive, less any income received by the income beneficiary from the property and less the value of any beneficial use of the property by the income beneficiary, is income, and the balance is principal.  Property becomes underproductive at the beginning of the year in which it fails to produce an average net income of at least one percent per annum.  If there are successive income beneficiaries, the delayed income shall be divided among them or their heirs, legatees, or assignees according to the length of the period during which each was entitled to income.  If principal subject to this section is disposed of by conversion into property that cannot be apportioned easily, the income beneficiary is entitled to the net income from the substituted property while it is held. If within five years after the conversion the substituted property has not been further converted into easily apportionable property, no allocation as provided in this section shall be made.  This section does not apply to any period during which the trustee is under an express direction not to sell or dispose of the principal or to any period before the income from a legacy begins to accrue to the benefit of the income beneficiary. NOTE: §2155 repealed by Acts 2020, No. 17, §2, eff. Jan. 1, 2021. RS 2155 - Repealed by Acts 2020, No. 17, §2, eff. Jan. 1, 2021.  Acts 2020, No. 17, §2, eff. Jan. 1, 2021.
LA Rev Stat § 9:2156 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2156. Charges

RS 2156 - Charges  A. The following charges shall be made against income:  (1) Ordinary expenses incurred or accrued in connection with the administration, management, or preservation of the trust property.  (2) One-half of court costs, attorney fees, and other fees on periodic accounting, unless the court directs otherwise.  (3) Court costs, attorney fees, and other fees on other accountings or judicial proceedings if the matter primarily concerns the income interest, unless the court directs otherwise.  (4) One-half of the trustee's regular compensation, whether based on a percentage of principal or income.  (5) Expenses reasonably incurred by the trustee for the management and application of income.  (6) Interest accrued on an indebtedness.  B. If charges against income are of unusual amount, the trustee may by means of reserves or other reasonable means charge them over a reasonable period and withhold from distribution sums sufficient to produce substantial regularity in distributions.  C. The following charges shall be made against principal:  (1) Extraordinary expenses incurred or accrued in connection with the administration, management, or preservation of the trust property.  (2) Expenses incurred in making a capital improvement to principal, including special taxes and assessments.  (3) Expenses incurred in investing and reinvesting principal.  (4) One-half of court costs, attorney fees, and other fees on periodic accounting, unless the court directs otherwise.  (5) Court costs, attorney fees, and other fees on other accountings or judicial proceedings if the matter primarily concerns the principal interest, unless the court directs otherwise.  (6) Expenses incurred in maintaining or defending an action to construe the trust or to protect the trust or the trust property.  (7) One-half of the trustee's regular compensation, whether based on a percentage of principal or income.  (8) All the trustee's special compensation.  (9) The amount of an estate tax apportioned to the trust, including interest and penalties.  (10) The principal of an indebtedness.  D. If the payment of special taxes and assessments produces an addition to the value of the trust property, the trustee shall reserve out of income and add to principal a reasonable allowance for the depreciation of the improvement under generally accepted accounting principles, although the improvement was not made directly to the trust property.  E. Regularly recurring charges shall be apportioned to the same extent and in the same manner that receipts are apportioned under R.S. 9:2145 through 2147.  Acts 2010, No. 175, §2; Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2156.1 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2156.1. Transfers from income to principal for depreciation

RS 2156.1 - Transfers from income to principal for depreciation  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 during the administration of a succession or for that portion of an immovable used or available for use by a beneficiary as a residence or of corporeal movables held or made available for the personal use or enjoyment of a beneficiary. An amount transferred to principal need not be held as a separate fund.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2156.2 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2156.2. Income taxes

RS 2156.2 - 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 denominated an income tax by the taxing authority.  C. A tax required to be paid by a trustee on the trust's share of a juridical person's taxable income shall be paid as follows:  (1) From income to the extent that receipts from the juridical person are allocated only to income.  (2) From principal to the extent that receipts from the juridical person are allocated only to principal.  (3) Proportionately from principal and income to the extent that receipts from the juridical person are allocated to both income and principal.  (4) From principal to the extent that the tax exceeds the total receipts from the juridical person.  D. After applying the provisions 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.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2157 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2157. Inventory value defined

RS 2157 - Inventory value defined  The term "inventory value," as used in this Subpart, means the cost of property purchased by the trustee and the market value of other property at the time it became subject to the trust, but in the case of a testamentary trust the trustee may use any value finally determined for the purposes of an estate tax. NOTE: §2157 repealed by Acts 2020, No. 17, §2, eff. Jan. 1, 2021. RS 2157 - Repealed by Acts 2020, No. 17, §2, eff. Jan. 1, 2021.  Acts 2010, No. 175, §2; Acts 2020, No. 17, §2, eff. Jan. 1, 2021.
LA Rev Stat § 9:2158 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2158. Power to adjust

RS 2158 - Power to adjust  A. A trustee may make an adjustment between principal and income when the interest of one or more beneficiaries is defined by reference to the "income" of a trust, and the trustee determines, after taking into account the allocations for the year under Subpart D of this Part, that the adjustment is necessary in order for the trustee to satisfy his duty to be fair and reasonable to all the beneficiaries, taking into account the purposes of the trust.  B. When income is distributed during the year, the income can be determined based on the adjustment to be made for the year. The adjustment to be made for the year can be determined in a way that causes the total amount distributed to the income beneficiary during the year to be equal to a percentage of the value of the trust property at the end of the prior year or at the end of an average of up to three prior years.  C. The authority to make an adjustment under this Section is subject to the limitations set forth hereafter in this Subpart.  Acts 2001, No. 520, §4; Acts 2015, No. 219, §1.
LA Rev Stat § 9:2159 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2159. When the power to adjust is denied

RS 2159 - When the power to adjust is denied A trustee shall not make an adjustment under R.S. 9:2158: (1) If the existence or exercise of the power to adjust would cause ineligibility for the estate-tax or gift-tax marital deduction or charitable deduction. (2) That diminishes the value for gift-tax purposes of the income interest in a trust to which a person transfers property with intent to qualify for a gift tax exclusion; (3) If possessing or exercising the power to make an adjustment causes an individual to be treated as the owner of all or part of the trust for income tax purposes, and the individual would not be treated as the owner if the trustee did not possess the power to make an adjustment; or (4) If the terms of the trust instrument clearly deny the trustee the power to make adjustments. Acts 2001, No. 520, §4; Acts 2003, No. 480, §1.
LA Rev Stat § 9:2160 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2160. Adjustment benefiting trustee

RS 2160 - Adjustment benefiting trustee A trustee may not make an adjustment under R.S. 9:2158 that benefits himself, directly or indirectly, unless all of the current beneficiaries consent or the proper court authorizes such adjustment after notice to all current beneficiaries. Acts 2001, No. 520, §4.
LA Rev Stat § 9:2161 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2161. Adjustment beyond percentage limit

RS 2161 - Adjustment beyond percentage limit A. A court order shall be required in order for the trustee to make an adjustment from principal to income under R.S. 9:2158 if the amount of the adjustment from principal, when added to the amount of the net income of the trust for the year, exceeds five percent of the net fair market value of the assets of the trust at the beginning of the year. B. A court order shall be required in order for the trustee to make an adjustment from income to principal under R.S. 9:2158 if the amount of the adjustment from income reduces the net income for the year below five percent of the net fair market value of the assets of the trust at the beginning of the year. Acts 2001, No. 520, §4.
LA Rev Stat § 9:2162 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2162. General provisions regarding court orders affecting adjustments

RS 2162 - General provisions regarding court orders affecting adjustments A trustee may apply for a court order under R.S. 9:2160 or 2161, or to obtain approval from the court of any other decision to adjust or not to adjust under R.S. 9:2158. The following provisions apply to such an action: (1) The proceeding shall be governed by R.S. 9:2233(A). (2) All current beneficiaries of the trust must approve the adjustment or be given the opportunity to oppose it. (3) A trustee's decision to adjust or not to adjust shall be approved by the court if the trustee's petition sets forth the reasons for the adjustment, or decision not to adjust, the facts upon which the trustee relies, and an explanation of how the income and principal beneficiaries will be affected, unless a beneficiary establishes that the adjustment, or decision not to adjust, would be an abuse of the trustee's discretion. (4) An order may authorize adjustments, or non-adjustments, for future years as well as the current year, subject to the right of a person in a subsequent year who is at that time a current beneficiary of the trust to apply to the proper court to have the order modified or rescinded. (5) For purposes of this Subpart, the "current beneficiaries" of a trust as of any date are the persons who are then the principal beneficiaries of the trust and the persons to whom the trustee is then required or permitted to distribute the income of the trust. Acts 2001, No. 520, §4.
LA Rev Stat § 9:2163 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2163. Remedies

RS 2163 - Remedies If a court determines that a trustee has abused his discretion in making or failing to make an adjustment under R.S. 9:2158, the court shall restore the beneficiaries to the positions they would have occupied if the trustee had not abused his discretion, according to the following rules: (1) When the abuse of discretion has resulted in no distribution to a beneficiary or a distribution that is too small, the court shall require the trustee to distribute from the trust to the beneficiary an amount that the court determines will restore the beneficiary to an appropriate economic position. (2) When the abuse of discretion has resulted in a distribution to a beneficiary that is too large, the court shall require the trustee to withhold an amount from one or more future distributions to the beneficiary or require the beneficiary to return some or all of the distribution to the trust. (3) When the court is unable, by means of Paragraphs (1) and (2), to restore the beneficiaries, the trust, or both to the positions they would have occupied if the trustee had not abused his discretion, the court may require the trustee to pay an appropriate amount from his own funds to one or more of the beneficiaries or the trust or both. Acts 2001, No. 520, §4.
LA Rev Stat § 9:2164 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2164. Underproductive property

RS 2164 - Underproductive property  If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under R.S. 9:2158 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse an interest required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by R.S. 9:2158. The trustee may decide which action or combination of actions to take.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2171 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2171. Individual and corporate trustees

RS 2171 - Individual and corporate trustees   An individual trustee shall furnish security for the faithful performance of his duties, unless the trust instrument dispenses with security. A corporate trustee need not furnish security unless security is required by the trust instrument.  The amount and type of security shall be approved by the proper court if not provided for in the trust instrument.  Acts 2020, No. 17, §4, eff. Jan. 1, 2021.