reglab/housing_qa huggingface dataset:
HI Rev Stat § 557A-102 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-102 Definitions.

  §557A-102 Definitions. As used in this chapter, unless the context otherwise requires:  "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.  "Beneficiary" includes, in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.  "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.  "Income" means money or property a fiduciary receives as the current return from a principal asset. The term includes a portion of the receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in article 4.  "Income beneficiary" means a person to whom a trust's net income is or may be payable.  "Income interest" means an income beneficiary's right to receive all or part of the net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.  "Mandatory income interest" means an income beneficiary's right to receive net income that the terms of the trust require the fiduciary to distribute.  "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period. Receipts and disbursements include items transferred to or from income during the period under this chapter.  "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal or commercial entity. The term does not include a government or governmental subdivision, agency, or instrumentality.  "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.  "Remainder beneficiary" means a person, including another trust, entitled to receive principal when an income interest ends.  "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.  "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-103 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-103 Fiduciary duties; general principles.

  §557A-103 Fiduciary duties; general principles. (a) In allocating receipts and disbursements to or between principal and income, and in any matter within the scope of articles 2 and 3, 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, and no inference that the fiduciary has improperly exercised the discretion arises from the fact that the fiduciary has made an alteration contrary to the provisions of 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 granted by section 557A-104(a) or a 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. The exercise of discretion in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-105 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-105 Notice of proposed action.

  §557A-105 Notice of proposed action. (a) A trustee may give a notice of proposed action regarding a matter governed by the chapter as provided in this section. For the purpose 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 this 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 can 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 this chapter 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 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 constitutes an abuse of discretion. A beneficiary who has not objected is not estopped from opposing the proposed action in the proceeding. If the trustee decides not to implement 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 implement 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 not taking the action is an abuse of discretion. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-106 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-106 Proceedings regarding trustee's power to adjust.

  §557A-106 Proceedings regarding trustee's power to adjust. In a proceeding with respect to a trustee's exercise or nonexercise of the power to make an adjustment under section 557A-104, the sole remedy shall be to direct, deny, or revise an adjustment between principal and income. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-202 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-202 Distribution to residuary and remainder beneficiaries.

  §557A-202 Distribution to residuary and remainder beneficiaries. (a) Each beneficiary described in section 557A-201(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 shall 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 shall 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; and  (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) The rules in this section apply 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.  (d) If a fiduciary does not distribute all of the collected but undistributed net income or gain to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income or gain. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-301 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-301 When right to income begins and ends.

  §557A-301 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 on the date:  (1) It is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;  (2) 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) 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), 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. For purposes of this chapter, an income interest also ends on the last day of a period during which there is no beneficiary to whom a trustee may distribute income. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-302 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-302 Apportionment of receipts and disbursements when decedent dies or income interest begins.

  §557A-302 Apportionment of receipts and disbursements when decedent dies or income interest begins. (a) An income receipt or disbursement other than one to which section 557A-201(1) applies shall be allocated 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) An income receipt or disbursement shall be allocated 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 shall 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 shall be allocated to principal and the balance shall be allocated to income.  (c) An item of income or an obligation is due on the date on which the payor is required to make a payment. If there is no stated payment date, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which section 557A-401 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 shall be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-303 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-303 Apportionment when income interest ends.

  §557A-303 Apportionment when income interest ends. (a) As used 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 pursuant to 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 pursuant to the terms of the trust, unless the beneficiary has an unqualified power to revoke more than five per cent 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 shall 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. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-401 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-401 Character of receipts.

  §557A-401 Character of receipts. (a) As used in this section, "entity" means a corporation, partnership, joint venture, limited liability company, regulated investment company, real estate investment trust, common trust fund, and any other organization in which a trustee has an interest other than a trust or estate to which section 557A-402 applies or a business or activity to which section 557A-403 applies, or an asset-backed security to which section 557A-415 applies.  (b) Except as otherwise provided in this section, money received by a trustee from an entity shall be allocated to income.  (c) Receipts from an entity that shall be allocated to principal include:  (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 or property received in a distribution or series of related distributions is greater than twenty per cent of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.  (e) Money shall not be received in partial liquidation, nor shall it be taken into account under subsection (d)(2), 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.  (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. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-402 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-402 Distribution from trust or estate.

  §557A-402 Distribution from trust or estate. Subject to the terms of a recipient trust, 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 shall be allocated to income. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal. 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 557A-401 or 557A-415 shall apply to a receipt from the trust. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-403 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-403 Business and other activities conducted by trustee.

  §557A-403 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 shall be retained for working capital, the acquisition or replacement of fixed assets, or 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 the 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 557A-415 applies. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-404 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-404 Principal receipts.

  §557A-404 Principal receipts. The following shall be allocated to principal:  (1) To the extent not allocated to income under this chapter, assets received from a:  (A) Transferor during the transferor's lifetime;  (B) Decedent's estate;  (C) Trust with a terminating income interest; or  (D) Payor pursuant to 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 this article;  (3) Amounts recovered from third parties to reimburse the trust because of disbursements described in section 557A-502(a)(7) 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 shall be classified as income;  (5) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or shall distribute income; and  (6) Other receipts as provided in part III. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-405 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-405 Rental property.

  §557A-405 Rental property. To the extent that a trustee accounts for receipts from rental property pursuant to this section, an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease, shall be allocated to income. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, shall be added to principal and held subject to the terms of the lease and shall not be available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount. [L 2000, c 191, pt of §1]
HI Rev Stat § 557A-406 (2021)
2021 Hawaii Revised Statutes|Title 30. Guardians and Trustees|557A. Uniform Principal and Income Act|557A-406 Obligation to pay money.

  §557A-406 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, shall be allocated to income without any provision for amortization of premium.  (b) 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, shall be allocated to principal. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust shall be allocated to income.  (c) This section shall not apply to obligations to which sections 557A-409 through 557A-412, 557A-414, and 557A-415 apply. [L 2000, c 191, pt of §1]