reglab/housing_qa huggingface dataset:
NE Code § 30-3117 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3117 - Definitions.

30-3117.  Definitions.For purposes of the Uniform Principal and Income Act:(1) Accounting period means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends.(2) Beneficiary includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.(3) Fiduciary means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.(4) Income means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in sections 30-3127 to 30-3141.(5) Income beneficiary means a person to whom net income of a trust is or may be payable.(6) Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.(7) Mandatory income interest means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.(8) Net income means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under the act to or from income during the period.(9) Person means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity.(10) Principal means property held in trust for distribution to a remainder beneficiary when the trust terminates.(11) Qualified beneficiary has the same meaning as in section 30-3803.(12) Remainder beneficiary means a person entitled to receive principal when an income interest ends.(13) Terms of a trust means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.(14) Total return trust means a trust that is converted to a total return trust pursuant to section 30-3119.01 or a trust the terms of which manifest the settlor's intent that the trustee will administer the trust in accordance with subsection (4) of section 30-3119.01.(15) Trustee includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.Source  Laws 2001, LB 56, § 2;  Laws 2005, LB 533, § 34.
NE Code § 30-3118 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3118 - Fiduciary duties; general principles.

30-3118.  Fiduciary duties; general principles.(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 30-3122 to 30-3126, a fiduciary:(1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in the Uniform Principal and Income Act;(2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by the act, and no inference that the fiduciary has abused its discretion arises solely from the fact that the fiduciary has exercised an express power given to the fiduciary by the terms of the trust or the will;(3) shall administer a trust or estate in accordance with the act if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and(4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and the act do not provide a rule for allocating the receipt or disbursement to or between principal and income.(b) In exercising the power to adjust under subsection (a) of section 30-3119 or a discretionary power of administration regarding a matter within the scope of the act, whether granted by the terms of a trust, a will, or the act, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with the act is presumed to be fair and reasonable to all of the beneficiaries.Source Laws 2001, LB 56, § 3.
NE Code § 30-3121 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3121 - Proposed action; notice; objections.

30-3121.  Proposed action; notice; objections.(a) A trustee may give a notice of proposed action regarding a matter governed by the Uniform Principal and Income Act as provided in this section. For purposes of this section, a proposed action includes a course of action and a decision not to take action.(b) The trustee shall mail notice of the proposed action to all adult beneficiaries who are receiving, or are entitled to receive, income under the trust or to receive a distribution of principal if the trust were terminated at the time the notice is given.(c) Notice of proposed action need not be given to any person who consents in writing to the proposed action. The consent may be executed at any time before or after the proposed action is taken.(d) The notice of proposed action shall state that it is given pursuant to this section and shall state all of the following:(1) the name and mailing address of the trustee;(2) the name and telephone number of a person who may be contacted for additional information;(3) a description of the action proposed to be taken and an explanation of the reasons for the action;(4) the time within which objections to the proposed action may be made, which shall be at least thirty days from the mailing of the notice of proposed action; and(5) the date on or after which the proposed action may be taken or is effective.(e) A beneficiary may object to the proposed action by mailing a written objection to the trustee at the address stated in the notice of proposed action within the time period specified in the notice of proposed action.(f) A trustee is not liable to a beneficiary for an action regarding a matter governed by the act if the trustee does not receive a written objection to the proposed action from the beneficiary within the applicable period and the other requirements of this section are satisfied. If no beneficiary entitled to notice objects under this section, the provisions of section 30-3120 shall not apply and the trustee is not liable to any current or future beneficiary with respect to the proposed action.(g) If the trustee receives a written objection within the applicable period, either the trustee or a beneficiary may petition the court to have the proposed action taken as proposed, taken with modifications, or denied. In the proceeding, a beneficiary objecting to the proposed action has the burden of proving that the trustee's proposed action should not be taken. A beneficiary who has not objected is not estopped from opposing the proposed action in the proceeding. If the trustee decides not to take the proposed action, the trustee shall notify the beneficiaries of the decision not to take the action and the reasons for the decision, and the trustee's decision not to take the proposed action does not itself give rise to liability to any current or future beneficiary. A beneficiary may petition the court to have the action taken and has the burden of proving that it should be taken.Source Laws 2001, LB 56, § 6.
NE Code § 30-3123 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3123 - Distribution to residuary and remainder beneficiaries.

30-3123.  Distribution to residuary and remainder beneficiaries.(a) Each beneficiary described in subdivision (4) of section 30-3122 is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.(b) In determining a beneficiary's share of net income, the following rules apply:(1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations.(2) The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust.(3) The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation.(4) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.(c) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.(d) A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.Source Laws 2001, LB 56, § 8.
NE Code § 30-3124 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3124 - When right to income begins and ends.

30-3124.  When right to income begins and ends.(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.(b) An asset becomes subject to a trust:(1) on the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;(2) on the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or(3) on the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.(c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d) of this section, even if there is an intervening period of administration to wind up the preceding income interest.(d) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.Source Laws 2001, LB 56, § 9.
NE Code § 30-3125 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3125 - Apportionment of receipts and disbursements when decedent dies or income interest begins.

30-3125.  Apportionment of receipts and disbursements when decedent dies or income interest begins.(a) A trustee shall allocate an income receipt or disbursement other than one to which subdivision (1) of section 30-3122 applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.(b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income.(c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of the Uniform Principal and Income Act. Distributions to shareholders or other owners from an entity to which section 30-3127 applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.Source Laws 2001, LB 56, § 10.
NE Code § 30-3126 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3126 - Apportionment when income interest ends.

30-3126.  Apportionment when income interest ends.(a) In this section, undistributed income means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.(b) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.(c) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.Source Laws 2001, LB 56, § 11.
NE Code § 30-3127 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3127 - Character of receipts.

30-3127.  Character of receipts.(a) In this section, entity means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which section 30-3128 applies, a business or activity to which section 30-3129 applies, or an asset-backed security to which section 30-3141 applies.(b) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.(c) A trustee shall allocate the following receipts from an entity to principal:(1) property other than money;(2) money received in one distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity;(3) money received in total or partial liquidation of the entity; and(4) money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes.(d) Money is received in partial liquidation:(1) to the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or(2) if the total amount of money and property received in a distribution or series of related distributions is greater than twenty percent of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.(e) Money is not received in partial liquidation, nor may it be taken into account under subdivision (d)(2) of this section, to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money.(f) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.Source Laws 2001, LB 56, § 12.
NE Code § 30-3128 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3128 - Distribution from trust or estate.

30-3128.  Distribution from trust or estate.A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 30-3127 or 30-3141 applies to a receipt from the trust.Source Laws 2001, LB 56, § 13.
NE Code § 30-3129 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3129 - Business and other activities conducted by trustee.

30-3129.  Business and other activities conducted by trustee.(a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.(b) A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.(c) Activities for which a trustee may maintain separate accounting records include:(1) retail, manufacturing, service, and other traditional business activities;(2) farming;(3) raising and selling livestock and other animals;(4) management of rental properties;(5) extraction of minerals and other natural resources;(6) timber operations; and(7) activities to which section 30-3140 applies.Source Laws 2001, LB 56, § 14.
NE Code § 30-3130 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3130 - Principal receipts.

30-3130.  Principal receipts.A trustee shall allocate to principal:(1) to the extent not allocated to income under the Uniform Principal and Income Act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;(2) money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to sections 30-3127 to 30-3141;(3) amounts recovered from third parties to reimburse the trust because of disbursements described in subdivision (a)(7) of section 30-3143 or for other reasons to the extent not based on the loss of income;(4) proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;(5) net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and(6) other receipts as provided in sections 30-3134 to 30-3141.Source Laws 2001, LB 56, § 15.
NE Code § 30-3131 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3131 - Rental property.

30-3131.  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.Source Laws 2001, LB 56, § 16.
NE Code § 30-3132 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3132 - Obligation to pay money.

30-3132.  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 30-3135, 30-3136, 30-3137, 30-3138, 30-3140, or 30-3141 applies.Source Laws 2001, LB 56, § 17.