reglab/housing_qa huggingface dataset:
CA Prob Code § 16356 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.2 - Allocation of Receipts During Administration of Trust: Receipts Not Normally Apportioned|Section 16356.

16356.  Unless the trustee accounts for receipts from rental property pursuant to Section 16352, 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, shall be added to principal and held subject to the terms of the lease, and is not available for distribution to a beneficiary until the trustee’s contractual obligations have been satisfied with respect to that amount.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16357 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.2 - Allocation of Receipts During Administration of Trust: Receipts Not Normally Apportioned|Section 16357.

16357.  (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 its value when it is otherwise 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 it is otherwise acquired, shall be allocated to income.(c) This section does not apply to an obligation to which Section 16361, 16362, 16363, 16364, 16366, or 16367 applies.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16358 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.2 - Allocation of Receipts During Administration of Trust: Receipts Not Normally Apportioned|Section 16358.

16358.  (a) Except as otherwise provided in subdivision (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.(b) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to Section 16352, loss of profits from a business.(c) This section does not apply to a contract to which Section 16361 applies.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16360 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16360.

16360.  (a) If a trustee determines that an allocation between principal and income required by Section 16361, 16362, 16363, 16364, or 16367 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in subdivision (b) of Section 16336 applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in subdivision (c) of Section 16336 and may be released for the reasons and in the manner provided in subdivisions (d) and (e) of Section 16336.(b) An allocation is presumed to be insubstantial in either of the following cases:(1) Where the amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent.(2) Where the value of the asset producing the receipt for which the allocation would be made is less than 10 percent of the total value of the trust’s assets at the beginning of the accounting period.(c) 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.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16361.1 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16361.1.

16361.1.  Section 16361, as amended by the act adding this section, applies to a trust described in subdivision (d) of Section 16361, on and after the following dates:(a) If the trust is not funded as of January 1, 2010, the date of the decedent’s death.(b) If the trust is initially funded in the calendar year beginning January 1, 2010, the date of the decedent’s death.(c) If the trust is not described in subdivision (a) or (b), on January 1, 2010.(Added by Stats. 2009, Ch. 152, Sec. 2. (AB 1545) Effective January 1, 2010.)
CA Prob Code § 16362 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16362.

16362.  (a) In this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to Section 16361, resources subject to Section 16363, timber subject to Section 16364, an activity subject to Section 16366, an asset subject to Section 16367, or any asset for which the trustee establishes a reserve for depreciation under Section 16372.(b) A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16363 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16363.

16363.  (a) To the extent that a trustee accounts for receipts from an interest in minerals, water, or other natural resources pursuant to this section, the trustee shall allocate them as follows:(1) If received as a nominal bonus, nominal delay rental, or nominal annual rent on a lease, a receipt shall be allocated to income.(2) If received from a production payment, a receipt shall be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance shall be allocated to principal.(3) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, 90 percent shall be allocated to principal and the balance to income.(4) If an amount is received from a working interest or any other interest in mineral or other natural resources not described in paragraph (1), (2), or (3), 90 percent of the net amount received shall be allocated to principal and the balance to income.(b) An amount received on account of an interest in water that is renewable shall be allocated to income. If the water is not renewable, 90 percent of the amount shall be allocated to principal and the balance to income.(c) This chapter applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.(d) If a trust owned an interest in minerals, water, or other natural resources on January 1, 2000, the trustee may at all times allocate receipts from the interest as provided in this chapter or in the manner reasonably used by the trustee prior to that date. Receipts from an interest in minerals, water, or other natural resources acquired after January 1, 2000, shall be allocated by the trustee as provided in this chapter. If the interest was owned by the trust on January 1, 2000, a trustee that allocated receipts from the interest between January 1, 2000, and December 31, 2006, as provided in this chapter shall not have a duty to review that allocation and shall not have liability arising from the allocation. Nothing in this section is intended to create or imply a duty to allocate in a manner used by the trustee prior to January 1, 2000, and a trustee is not liable for not considering whether to make such an allocation or for choosing not to make such an allocation.(Amended by Stats. 2006, Ch. 569, Sec. 4. Effective January 1, 2007.)
CA Prob Code § 16364 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16364.

16364.  (a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts as follows:(1) To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest.(2) To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber.(3) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (1) and (2).(4) To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to paragraph (1), (2), or (3).(b) In determining net receipts to be allocated under subdivision (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion.(c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.(d) If a trust owned an interest in timberland on January 1, 2000, the trustee may at all times allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner reasonably used by the trustee prior to that date. Net receipts from an interest in timberland acquired after January 1, 2000, shall be allocated by the trustee as provided in this chapter. If the interest was owned by the trust on January 1, 2000, a trustee that allocated net receipts from the interest between January 1, 2000, and December 31, 2006, as provided in this chapter shall not have a duty to review that allocation and shall not have liability arising from the allocation. Nothing in this section is intended to create or imply a duty to allocate in a manner used by the trustee prior to January 1, 2000, and a trustee is not liable for not considering whether to make such an allocation or for choosing not to make such an allocation.(Amended by Stats. 2006, Ch. 569, Sec. 5. Effective January 1, 2007.)
CA Prob Code § 16365 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16365.

16365.  (a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under Section 16336 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income or convert it into productive property or exercise the power under subdivision (a) of Section 16336 within a reasonable time. The trustee may decide which action or combination of actions to take.(b) In cases not governed by subdivision (a), proceeds from the sale or other disposition of a trust asset are principal without regard to the amount of income the asset produces during any accounting period.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16366 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16366.

16366.  (a) In this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.(b) To the extent that a trustee does not account under Section 16352 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.(c) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option shall be allocated to principal. An amount paid to acquire the option shall be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, shall be allocated to principal.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16367 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.3 - Allocation of Receipts During Administration of Trust: Receipts Normally Apportioned|Section 16367.

16367.  (a) In this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which Section 16350 or 16361 applies.(b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.(c) If a trust receives one or more payments in exchange for the trust’s entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust’s interest in the security over more than one accounting period, the trustee shall allocate 10 percent of the payment to income and the balance to principal.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16370 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 6 - Allocation of Disbursements During Administration of Trust|Section 16370.

16370.  A trustee shall make the following disbursements from income to the extent that they are not disbursements to which paragraph (2) or (3) of subdivision (c) of Section 16340 applies:(a) Except as otherwise ordered by the court, one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee.(b) Except as otherwise ordered by the court, one-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests.(c) All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest.(d) All recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16371 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 6 - Allocation of Disbursements During Administration of Trust|Section 16371.

16371.  (a) A trustee shall make the following disbursements from principal:(1) Except as otherwise ordered by the court, the remaining one-half of the disbursements described in subdivisions (a) and (b) of Section 16370.(2) Except as otherwise ordered by the court, all of the trustee’s compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale.(3) Payments on the principal of a trust debt.(4) Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property.(5) Premiums paid on a policy of insurance not described in subdivision (d) of Section 16370 of which the trust is the owner and beneficiary.(6) Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust.(7) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.(b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16372 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 6 - Allocation of Disbursements During Administration of Trust|Section 16372.

16372.  (a) For purposes of this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.(b) A trustee may transfer from income to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, under generally accepted accounting principles, but may not transfer any amount for depreciation under this section in any of the following circumstances:(1) As to the portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary.(2) During the administration of a decedent’s estate.(3) If the trustee is accounting under Section 16352 for the business or activity in which the asset is used.(c) An amount transferred from income to principal need not be held as a separate fund.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16373 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 6 - Allocation of Disbursements During Administration of Trust|Section 16373.

16373.  (a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.(b) Principal disbursements to which subdivision (a) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:(1) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs.(2) A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments.(3) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker’s commissions.(4) Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments.(5) Disbursements described in paragraph (7) of subdivision (a) of Section 16371.(c) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subdivision (a).(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)