reglab/housing_qa huggingface dataset:
14 V.S.A. § 3221
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3221. Validity and effect of transfer

§ 3221. Validity and effect of transfer|(a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:  (1) failure of the transferor to comply with subsection 3219(c) of this title concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under subsection 3219(a) of this title; or (3) death or incapacity of a person nominated under section 3213 of this title or designated under section 3219 of this title as custodian or the disclaimer of the office by that person.   (b) A transfer made pursuant to section 3219 of this title is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter, and the minor, the minor's legal representative, and the minor's financial guardian have no right, power, duty, or authority with respect to the custodial property except as provided in this chapter.(c) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter, and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3222
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3222. Care of custodial property

§ 3222. Care of custodial property|(a) A custodian shall:  (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property.   (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.(c) A custodian may invest in or pay premiums on life insurance or endowment policies on:  (1) the life of the minor only if the minor or the minor's estate is the sole beneficiary; or (2) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the irrevocable beneficiary.   (d) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered or held in an account designated in the name of the custodian, followed in substance by the words: "as a custodian for ____ (name of minor) under the Vermont Uniform Transfers to Minors Act."(e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent, legal representative of the minor, financial guardian of the minor, or the minor if the minor has attained 14 years of age. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3223
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3223. Powers of custodian

§ 3223. Powers of custodian|(a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.(b) This section does not relieve a custodian from liability for breach of section 3222 of this title. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3224
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3224. Use of custodial property

§ 3224. Use of custodial property|(a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to:  (1) the duty or ability of the custodian personally or of any other person to support the minor; or (2) any other income or property of the minor that may be applicable or available for that purpose.   (b) On petition of an interested person or the minor if the minor has attained 14 years of age, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.(c) A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3225
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3225. Custodian's expenses, compensation, and bond

§ 3225. Custodian's expenses, compensation, and bond|(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.(b) Except for one who is a transferor under section 3214 of this title, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.(c) Except as provided in subsection 3228(f) of this title, a custodian need not give a bond. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3226
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3226. Exemption of third person from liability

§ 3226. Exemption of third person from liability|A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:  (1) the validity of the purported custodian's designation; (2) the propriety of or the authority under this chapter for any act of the purported custodian; (3) the validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or (4) the propriety of the application of any property of the minor delivered to the purported custodian. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3227
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3227. Liability to third persons

§ 3227. Liability to third persons|(a) A claim based on any of the following may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor:  (1) a contract entered into by a custodian acting in a custodial capacity; (2) an obligation arising from the ownership or control of custodial property; or (3) a tort committed during the custodianship.   (b) A custodian is not personally liable:  (1) on a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or (2) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.   (c) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship, unless the minor is personally at fault. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3229
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3229. Accounting by and determination of liability of custodian

§ 3229. Accounting by and determination of liability of custodian|(a) A minor who has attained 14 years of age, the minor's financial guardian or legal representative, a guardian of the minor appointed pursuant to section 2628 or 2664 of this title, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court:  (1) for an accounting by the custodian or the custodian's legal representative; or (2) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under section 3227 of this title to which the minor, the minor's legal representative, or the minor's financial guardian was a party.   (b) A successor custodian may petition the court for an accounting by the predecessor custodian.(c) The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.(d) If a custodian is removed under subsection 3228(f) of this title, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3230
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3230. Termination of custodianship

§ 3230. Termination of custodianship|The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earliest of:  (1) the minor's attainment of 21 years of age with respect to custodial property transferred under section 3214 or 3215 of this title; (2) the minor's attainment of 18 years of age with respect to custodial property transferred under section 3216 or 3217 of this title; or (3) the minor's death. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3231
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3231. Applicability

§ 3231. Applicability|This chapter applies to a transfer within the scope of section 3212 of this title made after its effective date if:  (1) the transfer purports to have been made under the Vermont Uniform Gifts to Minors Act; or (2) the instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3232
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3232. Effect on existing custodianships

§ 3232. Effect on existing custodianships|(a) Any transfer of custodial property as now defined in this chapter made before July 1, 2015 is validated, notwithstanding that there was no specific authority in the Vermont Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.(b) This chapter applies to all transfers made before July 1, 2015 in a manner and form prescribed in the Vermont Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 15, 2015. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3233
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3233. Uniformity of application and construction

§ 3233. Uniformity of application and construction|This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3234
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 115 - Vermont Uniform Transfers to Minors Act|§ 3234. Severability

§ 3234. Severability|If any provisions 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 which can be given effect without the invalid provision or application, and, to this end, provisions of this chapter are severable. (Added 2015, No. 7, § 1.)
14 V.S.A. § 3321
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3321. Short title

§ 3321. Short title|This subchapter may be cited as the Uniform Principal and Income Act. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3322
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3322. Definitions

§ 3322. Definitions|As used in this chapter:  (1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. (2) "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 subchapter 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; 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 when the trust terminates. (11) "Remainder beneficiary" means a person entitled to receive principal 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, whether by written or spoken words or by conduct. (13) "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3323
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3323. Fiduciary duties; general principles

§ 3323. Fiduciary duties; general principles|(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of subchapter 2 or 3 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 subsection 3324(a) of this title 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. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3326
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3326. Uniformity of application and construction

§ 3326. 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. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3327
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3327. Severability clause

§ 3327. 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 which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3332
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3332. Distribution to residuary and remainder beneficiaries

§ 3332. Distribution to residuary and remainder beneficiaries|(a) Each beneficiary described in subdivision 3331(4) of this title 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 beneficiary's fractional interest in 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. (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. (Added 2011, No. 114 (Adj. Sess.), § 1.)
14 V.S.A. § 3341
2021 Vermont Statutes|Title 14 - Decedents' Estates and Fiduciary Relations|Chapter 118 - Uniform Principal and Income Act|§ 3341. When right to income begins and ends

§ 3341. 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:  (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. (Added 2011, No. 114 (Adj. Sess.), § 1.)