reglab/housing_qa huggingface dataset:
WA Rev Code § 11.102.020 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.102 - Common Trust Funds.|11.102.020 - Accounting.

RCW 11.102.020 Accounting.Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the superior court, secure approval of such an accounting on such conditions as the court may establish.[ 1985 c 30 § 80. Prior: 1955 c 33 § 30.28.020; prior: 1943 c 55 § 2; Rem. Supp. 1943 § 3388-1. Formerly RCW 30.28.020.]NOTES:Short title—Application—Purpose—Severability—1985 c 30: See RCW 11.02.900 through 11.02.903.
WA Rev Code § 11.102.030 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.102 - Common Trust Funds.|11.102.030 - Applicability of chapter.

RCW 11.102.030 Applicability of chapter.This chapter shall apply to fiduciary relationships in existence on June 11, 1943, or thereafter established.[ 1985 c 30 § 81. Prior: 1955 c 33 § 30.28.030; prior: 1943 c 55 § 7; Rem. Supp. 1943 § 3388-6. Formerly RCW 30.28.030.]NOTES:Short title—Application—Purpose—Severability—1985 c 30: See RCW 11.02.900 through 11.02.903.
WA Rev Code § 11.102.040 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.102 - Common Trust Funds.|11.102.040 - Interpretation of chapter.

RCW 11.102.040 Interpretation of chapter.This chapter shall be so interpreted and construed to effectuate its general purpose to make uniform the laws of those states which enact it.[ 1985 c 30 § 82. Prior: 1955 c 33 § 30.28.040; prior: 1943 c 55 § 3; Rem. Supp. 1943 § 3388-2. Formerly RCW 30.28.040.]NOTES:Short title—Application—Purpose—Severability—1985 c 30: See RCW 11.02.900 through 11.02.903.
WA Rev Code § 11.102.050 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.102 - Common Trust Funds.|11.102.050 - Short title.

RCW 11.102.050 Short title.This chapter may be cited as the uniform common trust fund act.[ 1985 c 30 § 83. Prior: 1955 c 33 § 30.28.050; prior: 1943 c 55 § 4; Rem. Supp. 1943 § 3388-3. Formerly RCW 30.28.050.]NOTES:Short title—Application—Purpose—Severability—1985 c 30: See RCW 11.02.900 through 11.02.903.
WA Rev Code § 11.103.020 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.103 - Revocable Trusts.|11.103.020 - Trustor capacity.

RCW 11.103.020 Trustor capacity.The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.[ 2011 c 327 § 35.]NOTES:Application—2011 c 327: "Except as otherwise provided in this act:(1) This act applies to all trusts created before, on, or after January 1, 2012;(2) This act applies to all judicial proceedings concerning trusts commenced on or after January 1, 2012;(3) Any rule of construction or presumption provided in this act applies to trust instruments executed before January 1, 2012, unless there is a clear indication of a contrary intent in the terms of the trust;(4) An action taken before January 1, 2012, is not affected by this act; and(5) If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before January 1, 2012, that statute continues to apply to the right even if it has been repealed or superseded." [ 2011 c 327 § 40.]Effective date—2011 c 327: "This act takes effect January 1, 2012." [ 2011 c 327 § 41.]
WA Rev Code § 11.103.040 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.103 - Revocable Trusts.|11.103.040 - Trustor's powers—Powers of withdrawal.

RCW 11.103.040 Trustor's powers—Powers of withdrawal.While the trustor of a revocable trust is living, the rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the trustor. If a revocable trust has more than one trustor, the duties of the trustee are owed to all of the living trustors having the right to revoke the trust.[ 2013 c 272 § 19; 2011 c 327 § 37.]NOTES:Application—2013 c 272: See note following RCW 11.98.002.Application—Effective date—2011 c 327: See notes following RCW 11.103.020.
WA Rev Code § 11.103.050 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.103 - Revocable Trusts.|11.103.050 - Limitation on action contesting validity of revocable trust—Distribution of trust property.

RCW 11.103.050 Limitation on action contesting validity of revocable trust—Distribution of trust property.(1) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the trustor's death within the earlier of:(a) Twenty-four months after the trustor's death; or(b) Four months after the trustee sent to the person by personal service, mail, or in an electronic transmission if there is a consent of the recipient to electronic transmission then in effect under the terms of RCW 11.96A.110, a notice including:(i) The name and date of the trust;(ii) The identity of the trustor or trustors;(iii) The trustee's name, address, and telephone number; and(iv) Notice of the time allowed for commencing a proceeding.(2) Upon the death of the trustor of a trust that was revocable at the trustor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust, unless:(a) The trustee knows of a pending judicial proceeding contesting the validity of the trust; or(b) A potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty days after the contestant sent the notification.(3) A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received.[ 2013 c 272 § 20; 2011 c 327 § 38.]NOTES:Application—2013 c 272: See note following RCW 11.98.002.Application—Effective date—2011 c 327: See notes following RCW 11.103.020.
WA Rev Code § 11.104A.001 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.001 - Short title.

RCW 11.104A.001 Short title. (Effective until January 1, 2022.)This chapter may be cited as the Washington principal and income act of 2002.[ 2002 c 345 § 101.]
WA Rev Code § 11.104A.005 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.005 - Definitions.

RCW 11.104A.005 Definitions. (Effective until January 1, 2022.)In this chapter:(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 Article 4 of this chapter.(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 this chapter to or from income during the period.(9) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or 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.(11) "Remainder beneficiary" means a person entitled to receive principal, including when an income interest ends.(12) "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. The "terms of a trust" shall include without limitation such modifications as may be made from time to time with respect to the trust under chapter 11.96A RCW or otherwise under Washington or applicable federal laws.(13) "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.[ 2002 c 345 § 102.]
WA Rev Code § 11.104A.010 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.010 - Fiduciary duties—General principles.

RCW 11.104A.010 Fiduciary duties—General principles. (Effective until January 1, 2022.)(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of this chapter, 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 this chapter;(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 this chapter;(3) Shall administer a trust or estate in accordance with this chapter 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 this chapter 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 RCW 11.104A.020 (a) or (e) or another discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, 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 this chapter is presumed to be fair and reasonable to all of the beneficiaries.[ 2002 c 345 § 103.]
WA Rev Code § 11.104A.060 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.060 - Distribution to residuary and remainder beneficiaries.

RCW 11.104A.060 Distribution to residuary and remainder beneficiaries. (Effective until January 1, 2022.)(a) Each beneficiary described in RCW 11.104A.050(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 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.[ 2002 c 345 § 202.]
WA Rev Code § 11.104A.070 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.070 - When right to income begins and ends.

RCW 11.104A.070 When right to income begins and ends. (Effective until January 1, 2022.)(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.[ 2002 c 345 § 301.]
WA Rev Code § 11.104A.080 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.080 - Apportionment of receipts and disbursements when decedent dies or income interest begins.

RCW 11.104A.080 Apportionment of receipts and disbursements when decedent dies or income interest begins. (Effective until January 1, 2022.)(a) A trustee shall allocate an income receipt or disbursement other than one to which RCW 11.104A.050(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.(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 this chapter. Distributions to shareholders or other owners from an entity to which RCW 11.104A.100 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.[ 2002 c 345 § 302.]
WA Rev Code § 11.104A.090 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.090 - Apportionment when income interest ends.

RCW 11.104A.090 Apportionment when income interest ends. (Effective until January 1, 2022.)(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 principal 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.[ 2002 c 345 § 303.]
WA Rev Code § 11.104A.100 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.100 - Character of receipts.

RCW 11.104A.100 Character of receipts. (Effective until January 1, 2022.)(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. "Entity" does not mean a trust or estate to which RCW 11.104A.110 applies, a business or activity to which RCW 11.104A.120 applies, or an asset-backed security to which RCW 11.104A.240 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 distributed 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 distribution.(e) Money is not received in partial liquidation, nor may it be taken into account under subsection (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.[ 2002 c 345 § 401.]
WA Rev Code § 11.104A.110 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.110 - Distribution from trust or estate.

RCW 11.104A.110 Distribution from trust or estate. (Effective until January 1, 2022.)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 in a trust that is an investment entity, 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, RCW 11.104A.100 or 11.104A.240 applies to a receipt from the trust.[ 2002 c 345 § 402.]
WA Rev Code § 11.104A.120 (2021)
2021 Revised Code of Washington|Title 11 - Probate and Trust Law|Chapter 11.104A - Washington Principal and Income Act of 2002.|11.104A.120 - Business and other activities conducted by trustee.

RCW 11.104A.120 Business and other activities conducted by trustee. (Effective until January 1, 2022.)(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. The trustee shall maintain such records in accordance with principles of accounting that are generally accepted.(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 RCW 11.104A.230 applies.[ 2002 c 345 § 403.]