reglab/housing_qa huggingface dataset:
MT Code § 72-34-421 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-421. Short title

  72-34-421. Short title. This part may be cited as the "Montana Uniform Principal and Income Act".   History: En. Sec. 1, Ch. 506, L. 2003.
MT Code § 72-34-422 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-422. Definitions

  72-34-422. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:   (1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.   (2) "Fiduciary" means a personal representative or a trustee.   (3) "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 72-34-433 through 72-34-447.   (4) "Income beneficiary" means a person to whom net income of a trust is or may be payable.   (5) "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the trust requires it to be distributed or authorizes it to be distributed in the trustee's discretion.   (6) "Mandatory income interest" means the right of an income beneficiary to receive net income that the trust requires the fiduciary to distribute.   (7) "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the accounting period, plus or minus transfers under this chapter to or from income during the accounting period.   History: En. Sec. 2, Ch. 506, L. 2003.
MT Code § 72-34-423 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-423. Allocation between principal and income -- impartial exercise of discretion

  72-34-423. Allocation between principal and income -- impartial exercise of discretion. (1) In allocating receipts and disbursements to or between principal and income and with respect to any other matter within the scope of this part, a fiduciary:   (a) shall administer a trust or decedent's estate in accordance with the trust or the will, even if there is a different provision in this part;   (b) may administer a trust or decedent's estate by the exercise of a discretionary power of administration given to the fiduciary by the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this part and no inference that the fiduciary has improperly exercised the discretion arises from the fact that the fiduciary has made an allocation contrary to a provision of this part;   (c) shall administer a trust or decedent's estate in accordance with this part if the trust or the will does not contain a different provision or does not give the fiduciary a discretionary power of administration; and   (d) shall add a receipt or charge a disbursement to principal to the extent that the trust or the will and this part do not provide a rule for allocating the receipt or disbursement to or between principal and income.   (2) In exercising a discretionary power of administration regarding a matter within the scope of this part, whether granted by a trust, a will, or this part, including the trustee's power to adjust under 72-34-424(1), the fiduciary shall administer the trust or decedent's estate impartially, except to the extent that the trust or the will expresses an intention that the fiduciary shall or may favor one or more of the beneficiaries. The exercise of discretion in accordance with this part is presumed to be fair and reasonable to all beneficiaries.   History: En. Sec. 3, Ch. 506, L. 2003.
MT Code § 72-34-426 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-426. Proceedings relating to adjustments -- remedy

  72-34-426. Proceedings relating to adjustments -- remedy. In a proceeding with respect to a trustee's exercise or nonexercise of the power to make an adjustment under 72-34-424, the sole remedy is to direct, deny, or revise an adjustment between principal and income.   History: En. Sec. 6, Ch. 506, L. 2003.
MT Code § 72-34-427 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-427. Application of part

  72-34-427. Application of part. This part applies to every trust or decedent's estate existing on or after October 1, 2003, except as otherwise expressly provided in the trust or will or in this part.   History: En. Sec. 7, Ch. 506, L. 2003.
MT Code § 72-34-429 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-429. Beneficiary's portion of net income -- maintenance of records -- distribution date

  72-34-429. Beneficiary's portion of net income -- maintenance of records -- distribution date. (1) Each beneficiary described in 72-34-428(4) 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 dates and without reducing the values by any unpaid principal obligations.   (2) If a fiduciary does not distribute all of the collected but undistributed net income to each beneficiary as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.   (3) 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.   History: En. Sec. 9, Ch. 506, L. 2003.
MT Code § 72-34-430 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-430. Beneficiary's entitlement to net income -- assets subject to trust -- assets subject to successive income interest -- termination of income interest

  72-34-430. Beneficiary's entitlement to net income -- assets subject to trust -- assets subject to successive income interest -- termination of income interest. (1) 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 trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.   (2) An asset becomes subject to a trust at the following times:   (a) in the case of an asset that is transferred to a trust during the transferor's life, on the date it is transferred to the trust;   (b) 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, on the date of the testator's death; or   (c) in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death, on the date of the individual's death.   (3) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (4), even if there is an intervening period of administration to wind up the preceding income interest.   (4) 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.   History: En. Sec. 10, Ch. 506, L. 2003.
MT Code § 72-34-431 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-431. Allocation of income receipt or disbursement

  72-34-431. Allocation of income receipt or disbursement. (1) A trustee shall allocate an income receipt or disbursement other than one to which 72-34-428(1) 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.   (2) 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.   (3) 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 this part. Distributions to shareholders or other owners from an entity to which 72-34-433 applies are considered 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.   History: En. Sec. 11, Ch. 506, L. 2003.
MT Code § 72-34-432 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-432. Undistributed income -- definition -- payment to beneficiary

  72-34-432. Undistributed income -- definition -- payment to beneficiary. (1) (a) For the purposes of this section, "undistributed income" means net income received before the date on which an income interest ends.   (b) 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 by the trust.   (2) Except as provided in subsection (3), on the date when a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date or to 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 trust.   (3) If immediately before the income interest ends, the beneficiary under subsection (2) has an unqualified power to revoke more than 5% of the trust, the undistributed income from the portion of the trust that may be revoked must be added to principal.   (4) 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.   History: En. Sec. 12, Ch. 506, L. 2003.
MT Code § 72-34-433 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-433. Allocation of receipts to income or principal -- entity defined

  72-34-433. Allocation of receipts to income or principal -- entity defined. (1) For the purposes of 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 decedent's estate to which 72-34-434 applies, a business or activity to which 72-34-435 applies, or an asset-backed security to which 72-34-447 applies.   (2) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.   (3) A trustee shall allocate to principal the following receipts from an entity:   (a) property other than money;   (b) 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;   (c) money received in total or partial liquidation of the entity; and   (d) 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.   (4) For purposes of subsection (3)(c):   (a) money is received in partial liquidation:   (i) to the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or   (ii) if the total amount of money and property received in a distribution or series of related distributions is greater than 20% of the entity's gross assets, as shown by the entity's yearend financial statements immediately preceding the initial receipt;   (b) money is not received in partial liquidation, nor may it be taken into account under subsection (4)(a)(ii), to the extent that it does not exceed the amount of income tax that a trustee or beneficiary is required to pay on taxable income of the entity that distributes the money.   (5) A trustee may rely on 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.   History: En. Sec. 13, Ch. 506, L. 2003.
MT Code § 72-34-434 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-434. Allocation of amounts received from specified trusts or estates

  72-34-434. Allocation of amounts received from specified trusts or estates. A trustee shall allocate to income an amount received as a distribution of income from a trust or a decedent's estate, other than an interest in an investment entity, 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 the trust or estate.   History: En. Sec. 14, Ch. 506, L. 2003.
MT Code § 72-34-435 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-435. Separate accounting records for business or other activity

  72-34-435. Separate accounting records for business or other activity. (1) 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 other 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.   (2) 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 its other reasonably foreseeable needs, 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 other 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 or other activity.   (3) Businesses and other activities for which a trustee may maintain separate accounting records include the following:   (a) retail, manufacturing, service, and other traditional business activities;   (b) farming;   (c) raising and selling livestock and other animals;   (d) managing rental properties;   (e) extracting minerals and other natural resources;   (f) timber operations; and   (g) activities to which 72-34-446 applies.   History: En. Sec. 15, Ch. 506, L. 2003.
MT Code § 72-34-436 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-436. Amounts allocated to principal

  72-34-436. Amounts allocated to principal. A trustee shall allocate to principal:   (1) to the extent not allocated to income under this chapter, 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) subject to any contrary rules in 72-34-433 through 72-34-447, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit;   (3) amounts recovered from third parties to reimburse the trust because of disbursements described in 72-34-449(1)(g) 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 is required to distribute income; and   (6) other receipts allocated to principal as provided in 72-34-440 through 72-34-447.   History: En. Sec. 16, Ch. 506, L. 2003.
MT Code § 72-34-437 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-437. Amounts received from rental property allocation

  72-34-437. Amounts received from rental property allocation. Unless the trustee accounts for receipts from rental property pursuant to 72-34-435, 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.   History: En. Sec. 17, Ch. 506, L. 2003.
MT Code § 72-34-438 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-438. Interest on obligation to pay money -- allocation

  72-34-438. Interest on obligation to pay money -- allocation. (1) 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.   (2) An amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than 1 year after it is purchased or acquired by the trustee, including an obligation whose purchase price or its value when it is otherwise acquired is less than its value at maturity, must be allocated to principal. If the obligation matures within 1 year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when it is otherwise acquired must be allocated to income.   (3) This section does not apply to an obligation to which 72-34-441, 72-34-442, 72-34-443, 72-34-444, 72-34-446, or 72-34-447 applies.   History: En. Sec. 18, Ch. 506, L. 2003.
MT Code § 72-34-439 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-439. Life insurance policy proceeds -- proceeds of contracts insuring against certain losses -- allocation

  72-34-439. Life insurance policy proceeds -- proceeds of contracts insuring against certain losses -- allocation. (1) Except as otherwise provided in subsection (2), 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.   (2) 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 72-34-435, loss of profits from a business.   (3) This section does not apply to a contract to which 72-34-441 applies.   History: En. Sec. 19, Ch. 506, L. 2003.
MT Code § 72-34-440 (2021)
2021 Montana Code Annotated|Title 72. Estates, Trusts, and Fiduciary Relationships|Chapter 34. Principal and Income|Part 4. Montana Uniform Principal and Income Act|72-34-440. Insubstantial allocation -- allocation of entire amount to principal -- exceptions

  72-34-440. Insubstantial allocation -- allocation of entire amount to principal -- exceptions. (1) If a trustee determines that an allocation between principal and income required by 72-34-441, 72-34-442, 72-34-443, 72-34-444, or 72-34-447 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in 72-34-424(2) applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in 72-34-424(3) and may be released for the reasons and in the manner provided in 72-34-424(4) and (5).   (2) An allocation is presumed to be insubstantial in either of the following cases:   (a) when the amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10%; or   (b) when the value of the asset producing the receipt for which the allocation would be made is less than 10% of the total value of the trust's assets at the beginning of the accounting period.   (3) Nothing in this section imposes a duty on the trustee to make an allocation under this section, and the trustee is not liable for failure to make an allocation under this section.   History: En. Sec. 20, Ch. 506, L. 2003.