reglab/housing_qa huggingface dataset:
NC Gen Stat § 37A-4-412 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 4 - Allocation of Receipts During Administration of Trust.|§ 37A-4-412 - Timber.

 37A-4-412. Timber.(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:(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 subdivisions (1) and (2) of this subsection; or(4) To principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to subdivision (1), (2), or (3) of this subsection.(b) In determining net receipts to be allocated pursuant to subsection (a) of this section, 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 becomes subject to the trust.(d) If a trust owns an interest in timberland on January 1, 2004, the trustee may allocate net receipts from the sale of timber and related products as provided in this Chapter or in the manner used by the trustee before January 1, 2004. If the trust acquires an interest in timberland after January 1, 2004, the trustee shall allocate net receipts from the sale of timber and related products as provided in this Chapter. (2003-232, s. 2.)
NC Gen Stat § 37A-4-413 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 4 - Allocation of Receipts During Administration of Trust.|§ 37A-4-413 - Property not productive of income.

 37A-4-413. Property not productive of income.(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 G.S. 37A-1-104 and distributes to the spouse from principal under 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, convert property within a reasonable time, or exercise the power conferred by G.S. 37A-1-104(a). The trustee may decide which action or combination of actions to take.(b) In cases not governed by subsection (a) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period. (2003-232, s. 2.)
NC Gen Stat § 37A-4-414 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 4 - Allocation of Receipts During Administration of Trust.|§ 37A-4-414 - Derivatives and options.

 37A-4-414. Derivatives and options.(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 G.S. 37A-4-403 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. (2003-232, s. 2.)
NC Gen Stat § 37A-4-415 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 4 - Allocation of Receipts During Administration of Trust.|§ 37A-4-415 - Asset-backed securities.

 37A-4-415. Asset-backed securities.(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 G.S. 37A-4-401 or G.S. 37A-4-409 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 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 ten percent (10%) of the payment to income and the balance to principal. (2003-232, s. 2.)
NC Gen Stat § 37A-5-501 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 5 - Allocation of Disbursements During Administration of Trust.|§ 37A-5-501 - Disbursements from income.

 37A-5-501. Disbursements from income.A trustee shall make the following disbursements from income to the extent that they are not disbursements to which G.S. 37A-2-201(2)b. or G.S. 37A-2-201(2)c. applies:(1) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;(2) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;(3) 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; and(4) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. (2003-232, s. 2.)
NC Gen Stat § 37A-5-502 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 5 - Allocation of Disbursements During Administration of Trust.|§ 37A-5-502 - Disbursements from principal.

 37A-5-502. Disbursements from principal.(a) A trustee shall make the following disbursements from principal:(1) The remaining one-half of the disbursements described in G.S. 37A-5-501(1) and G.S. 37A-5-501(2);(2) 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 G.S. 37A-5-501(4) of which the trust is the owner and beneficiary;(6) Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and(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. (2003-232, s. 2.)
NC Gen Stat § 37A-5-503 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 5 - Allocation of Disbursements During Administration of Trust.|§ 37A-5-503 - Transfers from income to principal for depreciation.

 37A-5-503. Transfers from income to principal for depreciation.(a) In 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 to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:(1) Of that 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; or(3) Under this section if the trustee is accounting under G.S. 37A-4-403 for the business or activity in which the asset is used.(c) An amount transferred to principal under this section need not be held as a separate fund. (2003-232, s. 2.)
NC Gen Stat § 37A-5-504 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 5 - Allocation of Disbursements During Administration of Trust.|§ 37A-5-504 - Transfers from income to reimburse principal.

 37A-5-504. Transfers from income to reimburse principal.(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 subsection (a) of this section 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; and(5) Disbursements described in G.S. 37A-5-502(a)(7).(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 subsection (a) of this section. (2003-232, s. 2.)
NC Gen Stat § 37A-5-505 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 5 - Allocation of Disbursements During Administration of Trust.|§ 37A-5-505 - Income taxes.

 37A-5-505. Income taxes.(a) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income.(b) A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority.(c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income shall be paid:(1) From income to the extent that receipts from the entity are only allocated to income;(2) From principal to the extent receipts from the entity are only allocated to principal;(3) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and(4) From principal to the extent that the tax exceeds the total receipts from the entity.(d) After applying subsections (a) through (c) of this section, the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary.  (2003-232, s. 2; 2010-181, s. 4.)
NC Gen Stat § 37A-5-506 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 5 - Allocation of Disbursements During Administration of Trust.|§ 37A-5-506 - Adjustments between principal and income because of taxes.

 37A-5-506. Adjustments between principal and income because of taxes.(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from:(1) Elections and decisions, other than those described in subsection (b) of this section, that the fiduciary makes from time to time regarding tax matters;(2) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or(3) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate or trust or a beneficiary.(b) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement shall equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced shall be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income. (2003-232, s. 2.)
NC Gen Stat § 37A-6-601 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 6 - Miscellaneous Provisions.|§ 37A-6-601 - Uniformity of application and construction.

 37A-6-601. Uniformity of application and construction.In applying and construing this Chapter, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (2003-232, s. 2.)
NC Gen Stat § 37A-6-602 (2021)
2021 North Carolina General Statutes|Chapter 37A - Uniform Principal and Income Act|Article 6 - Miscellaneous Provisions.|§ 37A-6-602 - Severability clause.

 37A-6-602. Severability clause.If any provision of this Chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this Chapter that can be given effect without the invalid provision or application, and to this end the provisions of this Chapter are severable. (2003-232, s. 2.)
NC Gen Stat § 39-1 (2021)
2021 North Carolina General Statutes|Chapter 39 - Conveyances|Article 1 - Construction and Sufficiency.|§ 39-1 - Fee presumed, though word "heirs" omitted.

 39-1. Fee presumed, though word "heirs" omitted.When real estate is conveyed to any person, the same shall be held and construed to be a conveyance in fee, whether the word "heir" is used or not, unless such conveyance in plain and express words shows, or it is plainly intended by the conveyance or some part thereof, that the grantor meant to convey an estate of less dignity. (1879, c. 148; Code, s. 1280; Rev., s. 946; C.S., s. 991.)
NC Gen Stat § 39-1.1 (2021)
2021 North Carolina General Statutes|Chapter 39 - Conveyances|Article 1 - Construction and Sufficiency.|§ 39-1.1 - In construing conveyances court shall give effect to intent of the parties.

 39-1.1. In construing conveyances court shall give effect to intent of the parties.(a) In construing a conveyance executed after January 1, 1968, in which there are inconsistent clauses, the courts shall determine the effect of the instrument on the basis of the intent of the parties as it appears from all of the provisions of the instrument.(b) The provisions of subsection (a) of this section shall not prevent the application of the rule in Shelley's case. (1967, c. 1182.)
NC Gen Stat § 39-2 (2021)
2021 North Carolina General Statutes|Chapter 39 - Conveyances|Article 1 - Construction and Sufficiency.|§ 39-2 - Vagueness of description not to invalidate.

 39-2. Vagueness of description not to invalidate.No deed or other writing purporting to convey land or an interest in land shall be declared void for vagueness in the description of the thing intended to be granted by reason of the use of the word "adjoining" instead of the words "bounded by," or for the reason that the boundaries given do not go entirely around the land described: Provided, it can be made to appear to the satisfaction of the jury that the grantor owned at the time of the execution of such deed or paper-writing no other land which at all corresponded to the description contained in such deed or paper-writing. (1891, c. 465, s. 2; Rev., s. 948; C.S., s. 992.)
NC Gen Stat § 39-4 (2021)
2021 North Carolina General Statutes|Chapter 39 - Conveyances|Article 1 - Construction and Sufficiency.|§ 39-4 - Conveyances by infant trustees.

 39-4. Conveyances by infant trustees.When an infant is seized or possessed of any estate in trust, whether by way of mortgage or otherwise, for another person who may be entitled in law to have a conveyance of such estate, or may be declared to be seized or possessed, in the course of any proceeding in the superior court, the court may decree that the infant shall convey and assure such estate, in such manner as it may direct, to such other person; and every conveyance and assurance made in pursuance of such decree shall be as effectual in law as if made by a person of full age. (1821, c. 1116, ss. 1, 2; R.C., c. 37, s. 27; Code, s. 1265; Rev., s. 1036; C.S., s. 994.)
NC Gen Stat § 39-5 (2021)
2021 North Carolina General Statutes|Chapter 39 - Conveyances|Article 1 - Construction and Sufficiency.|§ 39-5 - Official deed, when official selling or empowered to sell is not in office.

 39-5. Official deed, when official selling or empowered to sell is not in office.When a sheriff, coroner, or tax collector, in virtue of his office, sells any real or personal property and goes out of office before executing a proper deed therefor, he may execute the same after his term of office has expired; and when he dies or removes from the State before executing the deed, his successor in office shall execute it. When a sheriff or tax collector dies having a tax list in his hands for collection, and his personal representative or surety, in collecting the taxes, makes sale according to law, his successor in office shall execute the conveyance for the property to the person entitled. (R.C., c. 37, s. 30; Code, s. 1267; 1891, c. 242; Rev., ss. 950, 951; C.S., s. 995; 1971, c. 528, s. 36.)
NC Gen Stat § 39-6 (2021)
2021 North Carolina General Statutes|Chapter 39 - Conveyances|Article 1 - Construction and Sufficiency.|§ 39-6 - Revocation of deeds of future interests made to persons not in esse.

 39-6. Revocation of deeds of future interests made to persons not in esse.The grantor in any voluntary conveyance in which some future interest in real estate is conveyed or limited to a person not in esse may, at any time before he comes into being, revoke by deed such interest so conveyed or limited. This deed of revocation shall be registered as other deeds; and the grantor of like interest for a valuable consideration may, with the joinder of the person from whom the consideration moved, revoke said interest in like manner. The grantor, maker or trustor who has heretofore created or may hereafter create a voluntary trust estate in real or personal property for the use and benefit of himself or of any other person or persons in esse with a future contingent interest to some person or persons not in esse or not determined until the happening of a future event may at any time, prior to the happening of the contingency vesting the future estates, revoke the grant of the interest to such person or persons not in esse or not determined by a proper instrument to that effect; and the grantor of like interest for a valuable consideration may, with the joinder of the person from whom the consideration moved, revoke said interest in like manner: Provided, that in the event the instrument creating such estate has been recorded, then the deed of revocation of such estate shall be likewise recorded before it becomes effective: Provided, further, that this section shall not apply to any instrument hereafter executed creating such a future contingent interest when said instrument shall expressly state in effect that the grantor, maker, or trustor may not revoke such interest: Provided, further, that this section shall not apply to any instrument heretofore executed whether or not such instrument contains express provisions that it is irrevocable unless the grantor, maker, or trustor shall within six months after the effective date of this proviso either revoke such future interest, or file with the trustee an instrument stating or declaring that it is his intention to retain the power to revoke under this section: Provided, further, that in the event the instrument creating such estate has been recorded, then the revocation or declaration shall likewise be recorded before it becomes effective. (1893, c. 498; Rev., s. 1045; C.S., s. 996; 1929, c. 305; 1941, c. 264; 1943, c. 437.)
NC Gen Stat § 39-6.1 (2021)
2021 North Carolina General Statutes|Chapter 39 - Conveyances|Article 1 - Construction and Sufficiency.|§ 39-6.1 - Validation of deeds of revocation of conveyances of future interests to persons not in esse.

 39-6.1. Validation of deeds of revocation of conveyances of future interests to persons not in esse.All deeds or instruments heretofore executed, revoking any conveyance of future interest made to persons not in esse, are hereby validated insofar as any such deed of revocation may be in conflict with the provisions of G.S. 39-6.All such deeds of revocation heretofore executed are hereby validated and no such deed of revocation shall be held to be invalid by reason of not having been executed within the six-month period prescribed in the third proviso of G.S. 39-6. (1947, c. 62.)