reglab/housing_qa huggingface dataset:
TX Prop § 116.162 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 2. Receipts Not Normally Apportioned|Section 116.162. Rental Property

Sec. 116.162.  RENTAL PROPERTY.  To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease.  An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.163 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 2. Receipts Not Normally Apportioned|Section 116.163. Obligation to Pay Money

Sec. 116.163.  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 as consideration for prepaying principal, must 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 must be allocated to income.(c)  This section does not apply to an obligation to which Section 116.172, 116.173, 116.174, 116.175, 116.177, or 116.178 applies.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.164 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 2. Receipts Not Normally Apportioned|Section 116.164. Insurance Policies and Similar Contracts

Sec. 116.164.  INSURANCE POLICIES AND SIMILAR CONTRACTS.  (a)  Except as otherwise provided in Subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset.  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.(b)  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, subject to Section 116.153, loss of profits from a business.(c)  This section does not apply to a contract to which Section 116.172 applies.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.171 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 3. Receipts Normally Apportioned|Section 116.171. Insubstantial Allocations Not Required

Sec. 116.171.  INSUBSTANTIAL ALLOCATIONS NOT REQUIRED.  If a trustee determines that an allocation between principal and income required by Section 116.172, 116.173, 116.174, 116.175, or 116.178 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Section 116.005(c) applies to the allocation.  This power may be exercised by a cotrustee in the circumstances described in Section 116.005(d) and may be released for the reasons and in the manner described in Section 116.005(e).|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.173 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 3. Receipts Normally Apportioned|Section 116.173. Liquidating Asset

Sec. 116.173.  LIQUIDATING ASSET.  (a)  In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration.  The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance.  The term does not include a payment subject to Section 116.172, resources subject to Section 116.174, timber subject to Section 116.175, an activity subject to Section 116.177, an asset subject to Section 116.178, or any asset for which the trustee establishes a reserve for depreciation under Section 116.203.(b)  A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal.(c)  The trustee may allocate a receipt from any interest in a liquidating asset the trust owns on January 1, 2004, in the manner provided by this chapter or in any lawful manner used by the trustee before January 1, 2004, to make the same allocation.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.174 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 3. Receipts Normally Apportioned|Section 116.174. Minerals, Water, and Other Natural Resources

Sec. 116.174.  MINERALS, WATER, AND OTHER NATURAL RESOURCES.  (a)  To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:(1)  If received as delay rental or annual rent on a lease, a receipt must be allocated to income.(2)  If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent.  The balance must be allocated to principal.(3)  If received as a royalty, shut-in-well payment, take-or-pay payment, or bonus, the trustee shall allocate the receipt equitably.(4)  If an amount is received from a working interest or any other interest not provided for in Subdivision (1), (2), or (3), the trustee must allocate the receipt equitably.(b)  An amount received on account of an interest in water that is renewable must be allocated to income.  If the water is not renewable, the trustee must allocate the receipt equitably.(c)  This chapter applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.(d)  The trustee may allocate a receipt from any interest in minerals, water, or other natural resources the trust owns on January 1, 2004, in the manner provided by this chapter or in any lawful manner used by the trustee before January 1, 2004, to make the same allocation.  The trustee shall allocate a receipt from any interest in minerals, water, or other natural resources acquired by the trust after January 1, 2004, in the manner provided by this chapter.(e)  An allocation of a receipt under this section is presumed to be equitable if the amount allocated to principal is equal to the amount allowed by the Internal Revenue Code of 1986 as a deduction for depletion of the interest.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.Amended by: Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564), Sec. 14, eff. September 1, 2007.|
TX Prop § 116.175 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 3. Receipts Normally Apportioned|Section 116.175. Timber

Sec. 116.175.  TIMBER.  (a)  To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:(1)  to income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;(2)  to principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;(3)  to or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in Subdivisions (1) and (2);  or(4)  to principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to Subdivision (1), (2), or (3).(b)  In determining net receipts to be allocated pursuant to Subsection (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion.(c)  This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.(d)  If a trust owns an interest in timberland on January 1, 2004, the trustee may allocate a net receipt from the sale of timber and related products in the manner provided by this chapter or in any lawful manner used by the trustee before January 1, 2004, to make the same allocation.  If the trust acquires an interest in timberland after January 1, 2004, the trustee shall allocate net receipts from the sale of timber and related products in the manner provided by this chapter.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.176 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 3. Receipts Normally Apportioned|Section 116.176. Property Not Productive of Income

Sec. 116.176.  PROPERTY NOT PRODUCTIVE OF INCOME.  (a)  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 Section 116.005 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment 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 Section 116.005(a).  The trustee may decide which action or combination of actions to take.(b)  In cases not governed by Subsection (a), proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.177 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 3. Receipts Normally Apportioned|Section 116.177. Derivatives and Options

Sec. 116.177.  DERIVATIVES AND OPTIONS.  (a)  In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.(b)  To the extent that a trustee does not account under Section 116.153 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.(c)  If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal.  An amount paid to acquire the option must be paid from principal.  A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
TX Prop § 116.178 (2021)
2021 Texas Statutes|Property Code|Title 9 - Trusts|Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts|Chapter 116 - Uniform Principal and Income Act|Subchapter D. Allocation of Receipts During Administration of Trust|Part 3. Receipts Normally Apportioned|Section 116.178. Asset-Backed Securities

Sec. 116.178.  ASSET-BACKED SECURITIES.  (a)  In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security.  The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return.  The term does not include an asset to which Section 116.151 or 116.172 applies.(b)  If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.(c)  If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal.  If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate 10 percent of the payment to income and the balance to principal.|Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.|
HI Rev Stat § 1-2 (2021)
2021 Hawaii Revised Statutes|Title 1. General Provisions|1. Common Law; Construction of Laws|1-2 Certain laws not obligatory until published.

 §1-2 Certain laws not obligatory until published. No written law, unless otherwise specifically provided by legislative enactment, except general or special appropriation acts, loan fund acts, pension acts, and franchise acts, shall be obligatory without first being printed and made public. General or special appropriation acts, loan fund acts, pension acts, and franchise acts, whether affecting state funds or the funds of county or other municipal subdivisions or commissions, shall become operative according to their respective terms. [CC 1859, §1; RL 1925, §3; RL 1935, §3; am L 1935, c 10, §2; RL 1945, §3; RL 1955, §1-3; HRS §1-2] Case Notes  Prior to amendment spelling out that legislature may provide a different effective date, statute was so interpreted. 29 H. 250, 255. See 37 H. 260.  Under article III, section 16, of the Constitution, a law may become applicable from the time the governor approves it. 59 H. 430, 583 P.2d 955.
HI Rev Stat § 1-4 (2021)
2021 Hawaii Revised Statutes|Title 1. General Provisions|1. Common Law; Construction of Laws|1-4 Persons and property subject to laws.

 §1-4 Persons and property subject to laws. The laws are obligatory upon all persons and property within the jurisdiction of the State. [CC 1859, §6; am imp PC 1869, c 3, §1 (same as PC 1850, c 3, §1); RL 1925, §6; RL 1935, §6; RL 1945, §5; am L 1955, c 57, §1(b); RL 1955, §1-7; HRS §1-4] Cross References  Boundaries, see Const. art. XV.  Concurrent jurisdiction of the State over federal reservations, see Pub L 86-3, §16(b).  Full faith and credit, judgment of another state, see U.S. Const. Art. IV.  Hawaii National Park, specific rights reserved to the State, see Pub L 86-3, §16(a).  Service of process, see §634-21 et seq. and provisions of particular chapters; HRCP rule 4. Law Journals and Reviews  The Decision to Disobey: A View of Symbolic Civil Disobedience. 7 HBJ 5. Case Notes  Territorial waters, offenses committed on vessels within, prior to annexation, 1 H. 58; during territorial status, 217 U.S. 234, aff'g 3 U.S.D.C. Haw. 345.  Contracts, what law governs. 3 H. 21; 10 H. 138; 10 H. 614, 622.  Personal property, whether within the jurisdiction, taxation of. 3 H. 292; 16 H. 396. Compare as to intangibles. 31 H. 264, aff'd 47 F.2d 869; 26 H. 299, 356, aff'd 289 F. 664.  Embezzlement, money received in Hawaii for delivery elsewhere. 5 H. 372.  Divorce, effect of on ownership of insurance policy, what law governs. 10 H. 117, reh'g denied. 10 H. 562. Compare 132 Cal. 85, app. dis. 188 U.S. 291.  Comity, action on insurance policy within and without the State, which takes precedence. 14 H. 80, app. dis. 187 U.S. 308.  Federal reservations: Jurisdiction during territorial status. 19 H. 198; 23 H. 61; 38 H. 188, 198; 4 U.S.D.C. Haw. 62; 142 F. Supp. 666. Divorce, residence on military reservation. 35 H. 461; 37 H. 223; 38 H. 261.  Real estate situated outside State, validity of trust under will of Hawaiian resident. 46 H. 475, 562, 382 P.2d 920.  Custody of children found within the State. 49 H. 20, 29-31, 407 P.2d 885.  Maritime injuries, effect of admiralty jurisdiction. 49 H. 77, 83, note 2, 412 P.2d 669, mod. and reh'g denied. 49 H. 267, 269-71, 414 P.2d 428.  General laws not applicable to State unless explicitly made applicable. 51 H. 87, 451 P.2d 809.
HI Rev Stat § 1-4.5 (2021)
2021 Hawaii Revised Statutes|Title 1. General Provisions|1. Common Law; Construction of Laws|1-4.5 Cession of concurrent jurisdiction.

  §1-4.5 Cession of concurrent jurisdiction. (a) Notwithstanding the provisions of any other law, the State of Hawaii hereby cedes concurrent legislative jurisdiction to the United States over the lands and improvements located in the State presently owned or hereafter acquired, whether acquired by condemnation or otherwise, leased, occupied, or controlled by or for the United States Department of Justice, or any of its component agencies or bureaus, for correctional purposes.  (b) Cession of concurrent legislative jurisdiction, in accordance with subsection (a), shall only take effect upon the acceptance of such jurisdiction by the United States. The concurrent legislative jurisdiction so ceded shall end as to any such lands, improvements, or such portions thereof, that cease to be owned, leased, occupied, or controlled by or on behalf of the United States for correctional purposes. [L 1998, c 291, §1]
HI Rev Stat § 1-5 (2021)
2021 Hawaii Revised Statutes|Title 1. General Provisions|1. Common Law; Construction of Laws|1-5 Contracts in contravention of law.

 §1-5 Contracts in contravention of law. Private agreements shall have no effect to contravene any law which concerns public order or good morals. But individuals may, in all cases in which it is not expressly or impliedly prohibited, renounce what the law has established in their favor, when such renunciation does not affect the rights of others, and is not contrary to the public good. CC 1859, §7; RL 1925, §7; RL 1935, §7; RL 1945, §6; RL 1955, §1-8; HRS §1-5 Cross References  Parental preferences in government contracts and services, see §577-7.5. Case Notes Contracts.  No recovery of medical fees when plaintiff not approved by board of health. 4 H. 9.  Condition in restraint of marriage, void. 6 H. 72 (single justice).  No recovery on note given for liquor sold without license. 24 H. 263.  Illegal transaction, action for money had and received, whether parties in pari delicto. 21 H. 513; 22 H. 759.  Illegal consideration for indivisible note voids note. 24 H. 263. Accord: 24 H. 540.  Contract for services by a public official within the scope of official duties, void. 24 H. 540. Ultra vires agreement by public officer to be distinguished from one contrary to public policy, former being enforceable against one who has received benefits. 19 H. 41.  Buyer under conditional sales contract cannot show seller's waiver of terms of contract as part of an illegal raffle. 26 H. 407.  Insurable interest, whether sufficient for group life insurance or whether a wager involved. 50 H. 177, 434 P.2d 750. Renunciation of rights.  Provision as to waiver applied. 5 H. 300, 304; 11 H. 428, 429; 12 H. 262, 264. But see as to appeals, jurisdictional requisites, note appended to chapter 641.  Validity of provision in articles limiting statutory power to make bylaws. 15 H. 333, 343, 346.  Jurisdiction cannot be stipulated. 46 H. 197, 208, 377 P.2d 609.  Waiver of defense of res judicata. 50 H. 22, 428 P.2d 411.
HI Rev Stat § 1-6 (2021)
2021 Hawaii Revised Statutes|Title 1. General Provisions|1. Common Law; Construction of Laws|1-6 Prohibitory law, effect.

 §1-6 Prohibitory law, effect. Whatever is done in contravention of a prohibitory law is void, although the nullity be not formally directed. [CC 1859, §8; RL 1925, §8; RL 1935, §8; RL 1945, §7; RL 1955, §1-9; HRS §1-6] Case Notes  Applied in holding no common law marriage; statutory requisites enforced. 25 H. 397, 403; 34 H. 161, 165. See 295 F. 636.  Statute requiring consent of parent for marriage of certain minors is prohibitory, and marriage without consent will be annulled. 26 H. 89, 95.  Cited and considered in relation to usury statute. 49 H. 160, 184, 413 P.2d 221, reh'g denied. 49 H. 255, 413 P.2d 221; see 36 H. 107, 126.  Referred to: 35 H. 545, 549; 37 H. 374, 378; 39 H. 378, 381; 45 H. 247, 259, 365 P.2d 460.
HI Rev Stat § 1-7 (2021)
2021 Hawaii Revised Statutes|Title 1. General Provisions|1. Common Law; Construction of Laws|1-7 Repeal of laws.

 §1-7 Repeal of laws. Laws may be repealed either entirely or partially by other laws. [CC 1859, pt of §20; RL 1925, §21; RL 1935, §23; RL 1945, §23; RL 1955, §1-10; HRS §1-7] Case Notes  Referred to: 17 H. 428, 438.