reglab/housing_qa huggingface dataset:
CT Gen Stat § 45a-535g (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-535g - Application to existing institutional funds.

 Sections 45a-535 to 45a-535i, inclusive, apply to institutional funds existing on or established after October 1, 2007. As applied to institutional funds existing on October 1, 2007, sections 45a-535 to 45a-535i, inclusive, govern only decisions made or actions taken after such date.(P.A. 07-91, S. 35.)
CT Gen Stat § 45a-535h (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-535h - Relation of act to Electronic Signatures in Global and National Commerce Act.

 Sections 45a-535 to 45a-535i, inclusive, modify, limit and supersede the Electronic Signatures in Global and National Commerce Act, 15 USC Section 7001 et seq., but do not modify, limit or supersede Section 101 of said act, 15 USC Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of said act, 15 USC Section 7003(b).(P.A. 07-91, S. 36.)
CT Gen Stat § 45a-535i (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-535i - Uniformity of application and construction of act.

 In applying and construing sections 45a-535 to 45a-535h, inclusive, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.(P.A. 07-91, S. 37.)
CT Gen Stat § 45a-541 (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541 - Short title: Connecticut Uniform Prudent Investor Act.

 Sections 45a-541 to 45a-541l, inclusive, may be cited as the “Connecticut Uniform Prudent Investor Act”.(P.A. 97-140, S. 1.)
CT Gen Stat § 45a-541a (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541a - Prudent investor rule.

 (a) Except as provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule, as set forth in sections 45a-541 to 45a-541l, inclusive.(b) The prudent investor rule is a default rule that may be expanded, restricted, eliminated or otherwise altered by provisions of the trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on provisions of the trust.(P.A. 97-140, S. 2.)
CT Gen Stat § 45a-541b (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541b - Standard of care. Portfolio strategy. Risk and return objectives.

 (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.(b) A trustee's investment and management decisions respecting individual assets shall be evaluated not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.(c) Among circumstances that a trustee shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries: (1) General economic conditions; (2) the possible effect of inflation or deflation; (3) the expected tax consequences of investment decisions, strategies and distributions; (4) the role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property and real property; (5) the expected total return from income and the appreciation of capital; (6) related trusts and other income and resources of the beneficiaries; (7) needs for liquidity, for regularity of income and for preservation or appreciation of capital; (8) an asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries; (9) the size of the portfolio; and (10) the nature and estimated duration of the trust.(d) A trustee shall take reasonable steps to verify facts relevant to the investment and management of trust assets.(e) Subject to the standard of sections 45a-541 to 45a-541l, inclusive, a trustee may invest in any kind of property or type of investment.(f) A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.(P.A. 97-140, S. 3.)
CT Gen Stat § 45a-541c (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541c - Diversification.

 A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.(P.A. 97-140, S. 4.)
CT Gen Stat § 45a-541d (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541d - Duties at inception of trusteeship.

 Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements and other circumstances of the trust, and with the requirements of sections 45a-541 to 45a-541l, inclusive.(P.A. 97-140, S. 5.)
CT Gen Stat § 45a-541e (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541e - Loyalty.

 A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.(P.A. 97-140, S. 6.)
CT Gen Stat § 45a-541f (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541f - Impartiality.

 If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.(P.A. 97-140, S. 7.)
CT Gen Stat § 45a-541g (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541g - Investment costs.

 In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust and the skills of the trustee.(P.A. 97-140, S. 8.)
CT Gen Stat § 45a-541h (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541h - Reviewing compliance.

 The prudent investor rule expresses a standard of conduct, not outcome. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action.(P.A. 97-140, S. 9.)
CT Gen Stat § 45a-541i (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541i - Delegation of investment and management functions.

 (a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (1) Selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.(b) In performing a delegated function, an agent owes a duty to the trustee and to the trust to exercise reasonable care to comply with the scope and terms of the delegation and to exercise the delegated function with reasonable care, skill and caution. An attempted exoneration of the agent from liability for failure to meet such a duty is contrary to public policy and void.(c) A trustee who complies with the requirements of subsection (a) of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.(d) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state and can be held liable by the courts of this state for any breach of duty arising out of the delegation agreement or the terms of sections 45a-541 to 45a-541l, inclusive.(P.A. 97-140, S. 10.)
CT Gen Stat § 45a-541j (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541j - Language invoking standards of act.

 The following terms or comparable language in a trust instrument, unless otherwise limited or modified by the instrument, authorizes any investment or strategy permitted under sections 45a-541 to 45a-541l, inclusive: “Investments permissible by law for investment of trust funds”, “legal investments”, “authorized investments”, “using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital”, “prudent man rule”, “prudent trustee rule”, “prudent person rule”, and “prudent investor rule”.(P.A. 97-140, S. 11.)
CT Gen Stat § 45a-541k (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541k - Uniformity of application and construction.

 Sections 45a-541 to 45a-541l, inclusive, shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of said sections among the states enacting them.(P.A. 97-140, S. 12.)
CT Gen Stat § 45a-541l (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-541l - Applicability.

 Sections 45a-541 to 45a-541l, inclusive, apply to trusts existing on and created after October 1, 1997. As applied to trusts existing on October 1, 1997, sections 45a-541 to 45a-541l, inclusive, govern only decisions or actions occurring after that date.(P.A. 97-140, S. 13; P.A. 08-6, S. 2.)History: P.A. 08-6 made technical changes, effective April 29, 2008.
CT Gen Stat § 45a-542 (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542 - Short title: Connecticut Principal and Income Act.

 Sections 45a-542 to 45a-542ff, inclusive, may be cited as the “Connecticut Principal and Income Act (1999)”.(P.A. 99-164, S. 1, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542a (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542a - Definitions.

 As used in sections 45a-542 to 45a-542ff, inclusive:(1) “Accounting period” means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends.(2) “Beneficiary” includes, in the case of a decedent's estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.(3) “Fiduciary” means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.(4) “Income” means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in sections 45a-542i to 45a-542w, inclusive.(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 sections 45a-542 to 45a-542ff, inclusive, 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.(P.A. 99-164, S. 2, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542aa (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542aa - 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 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 subdivision (7) of subsection (a) of section 45a-542y.(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.(P.A. 99-164, S. 28, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542b (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542b - Fiduciary duties.

 (a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 45a-542d to 45a-542h, inclusive, 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 sections 45a-542 to 45a-542ff, inclusive;(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 sections 45a-542 to 45a-542ff, inclusive;(3) Shall administer a trust or estate in accordance with sections 45a-542 to 45a-542ff, inclusive, 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 sections 45a-542 to 45a-542ff, inclusive, 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 (a) of section 45a-542c or a discretionary power of administration regarding a matter within the scope of sections 45a-542 to 45a-542ff, inclusive, whether granted by the terms of a trust, a will or said sections, 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 sections 45a-542 to 45a-542ff, inclusive, is presumed to be fair and reasonable to all of the beneficiaries.(P.A. 99-164, S. 3, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542bb (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542bb - Income taxes.

 (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.(b) A tax required to be paid by a trustee based on receipts allocated to principal must 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 must be paid:(1) From income to the extent that receipts from the entity are allocated only to income;(2) From principal to the extent that receipts from the entity are allocated only 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) to (c), inclusive, 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.(P.A. 99-164, S. 29, 36; P.A. 10-31, S. 2.)History: P.A. 99-164 effective January 1, 2000; P.A. 10-31 amended Subsec. (c) to delete “proportionately” re payment under Subdivs. (1) and (2), to add “only” in Subdiv. (1) and to replace former Subdiv. (2) with new Subdiv. (2) re payment from principal to extent receipts are allocated only to principal, Subdiv. (3) principal to re payments proportionately from principal and income and Subdiv. (4) re payments from principal to extent tax exceeds total receipts, and amended Subsec. (d) to replace former provisions with requirement that trustee adjust income or principal receipts after applying Subsecs. (a) to (c).
CT Gen Stat § 45a-542cc (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542cc - Adjustments between principal and income as result 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 which 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 must 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 must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.(P.A. 99-164, S. 30, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542dd (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542dd - Uniformity of application and construction.

 In applying and construing sections 45a-542 to 45a-542ff, inclusive, consideration must be given to the fact that this is a uniform law and the need to promote uniformity of the law with respect to its subject matter among states that enact it.(P.A. 99-164, S. 31, 36.)History: P.A. 99-164 effective January 1, 2000.