reglab/housing_qa huggingface dataset:
KS Stat § 58-9a,302 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,302 Application; duties and remedies.

58-9a-302. Application; duties and remedies. (a) Except as otherwise provided in subsection (b), K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, apply to:(1) An income trust, unless the terms of the trust expressly prohibit use K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, by a specific reference to K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, or an explicit expression of intent that net income not be calculated as a unitrust amount; and(2) an express unitrust, except to the extent the terms of the trust explicitly:(A) Prohibit use of K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, by a specific reference to K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto;(B) prohibit conversion to an income trust; or(C) limit changes to the method of calculating the unitrust amount.(b) K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, do not apply to a trust described in section 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii) or 2702(b) of the internal revenue code of 1986, 26 U.S.C. § 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii) or 2702(b).(c) An income trust to which K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, apply under subsection (a)(1) may be converted to a unitrust under K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, regardless of the terms of the trust concerning distributions. Conversion to a unitrust under K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, does not affect other terms of the trust concerning distributions of income or principal.(d) K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, apply to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust's interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto.(e) K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, do not create a duty to take or consider action under K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, or to inform a beneficiary about the applicability of K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto.(f) A fiduciary that in good faith takes or fails to take an action under K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, is not liable to a person affected by the action or inaction.History: L. 2021, ch. 63, § 9; July 1.
KS Stat § 58-9a,304 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,304 Notice to fiduciaries.

58-9a-304. Notice to fiduciaries. (a) A notice required by K.S.A. 2021 Supp. 58-9a-303(b)(2), and amendments thereto, must be sent in a manner authorized under K.S.A. 58a-109, and amendments thereto, to:(1) The qualified beneficiaries determined under K.S.A. 58a-103(12), and amendments thereto, other than the attorney general; and(2) each person that is granted a power over the trust by the terms of the trust, to the extent the power is exercisable when the person is not then serving as a trustee:(A) Including a:(i) Power over the investment, management or distribution of trust property or other matters of trust administration; and(ii) power to appoint or remove a trustee or person described in this paragraph; and(B) excluding a:(i) Power of appointment;(ii) power of a beneficiary over the trust, to the extent the exercise or nonexercise of the power affects the beneficial interest of the beneficiary or another beneficiary represented by the beneficiary under K.S.A. 58a-301 through 58a-305, and amendments thereto, with respect to the exercise or nonexercise of the power; and(iii) power over the trust if the terms of the trust provide that the power is held in a nonfiduciary capacity and the power must be held in a nonfiduciary capacity to achieve a tax objective under the internal revenue code of 1986.(b) The representation provisions of K.S.A. 58a-301 through 58a-305, and amendments thereto, apply to notice under this section.(c) A person may consent in a record at any time to action proposed under K.S.A. 2021 Supp. 58-9a-303(b)(2), and amendments thereto. A notice required by K.S.A. 2021 Supp. 58-9a-303(b)(2), and amendments thereto, need not be sent to a person that consents under this subsection.(d) A notice required by K.S.A. 2021 Supp. 58-9a-303(b)(2), and amendments thereto, must include:(1) The action proposed under K.S.A. 2021 Supp. 58-9a-303(b)(2)[,] and amendments thereto;(2) for a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under K.S.A. 2021 Supp. 58-9a-303(a)(1), and amendments thereto;(3) for a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted K.S.A. 2021 Supp. 58-9a-303(a)(2), and amendments thereto;(4) a statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary;(5) the date by which an objection under paragraph (4) must be received by the fiduciary, which must be at least 30 days after the date the notice is sent;(6) the date on which the action is proposed to be taken and the date on which the action is proposed to take effect;(7) the name and contact information of the fiduciary; and(8) the name and contact information of a person that may be contacted for additional information.History: L. 2021, ch. 63, § 11; July 1.
KS Stat § 58-9a,305 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,305 Unitrust policy; requirements.

58-9a-305. Unitrust policy; requirements. (a) In administering a unitrust under K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, a fiduciary shall follow a unitrust policy adopted under K.S.A. 2021 Supp. 58-9a-303(a)(1) or (2), and amendments thereto, or amended or replaced under K.S.A. 2021 Supp. 58-9a-303(a)(2), and amendments thereto.(b) A unitrust policy must provide:(1) The unitrust rate or the method for determining the unitrust rate under K.S.A. 2021 Supp. 58-9a-306, and amendments thereto;(2) the method for determining the applicable value under K.S.A. 2021 Supp. 58-9a-307, and amendments thereto; and(3) the rules described in K.S.A. 2021 Supp. 58-9a-306 through 58-9a-309, and amendments thereto, that apply in the administration of the unitrust, whether the rules are:(A) Mandatory, as provided in K.S.A. 2021 Supp. 58-9a-307(a) and 58-9a-308(a), and amendments thereto; or(B) optional, as provided in K.S.A. 2021 Supp. 58-9a-306, 58-9a-307(b), 58-9a-308(b) and 58-9a-309(a), and amendments thereto, to the extent the fiduciary elects to adopt those rules.History: L. 2021, ch. 63, § 12; July 1.
KS Stat § 58-9a,306 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,306 Same; unitrust rate.

58-9a-306. Same; unitrust rate. (a) Except as otherwise provided in K.S.A. 2021 Supp. 58-9a-309(b)(1), and amendments thereto, a unitrust rate may be:(1) A fixed unitrust rate; or(2) a unitrust rate that is determined for each period using:(A) A market index or other published data; or(B) a mathematical blend of market indices or other published data over a stated number of preceding periods.(b) Except as otherwise provided in K.S.A. 2021 Supp. 58-9a-309(b)(1), and amendments thereto, a unitrust policy may provide:(1) A limit on how high the unitrust rate determined under subsection (a)(2) may rise;(2) a limit on how low the unitrust rate determined under subsection (a)(2) may fall;(3) a limit on how much the unitrust rate determined under subsection (a)(2) may increase over the unitrust rate for the preceding period or a mathematical blend of unitrust rates over a stated number of preceding periods;(4) a limit on how much the unitrust rate determined under subsection (a)(2) may decrease below the unitrust rate for the preceding period or a mathematical blend of unitrust rates over a stated number of preceding periods; or(5) a mathematical blend of any of the unitrust rates determined under subsection (a)(2) and paragraphs (1) through (4).History: L. 2021, ch. 63, § 13; July 1.
KS Stat § 58-9a,307 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,307 Same; applicable value.

58-9a-307. Same; applicable value. (a) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:(1) The frequency of valuing the asset, which need not require a valuation in every period; and(2) the date for valuing the asset in each period in which the asset is valued.(b) Except as otherwise provided in K.S.A. 2021 Supp. 58-9a-309(b)(2), and amendments thereto, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:(1) Obtaining an appraisal of an asset for which fair market value is not readily available;(2) exclusion of specific assets or groups or types of assets;(3) other exceptions or modifications of the treatment of specific assets or groups or types of assets;(4) identification and treatment of cash or property held for distribution;(5) use of:(A) An average of fair market values over a stated number of preceding periods; or(B) another mathematical blend of fair market values over a stated number of preceding periods;(6) a limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:(A) The corresponding applicable value for the preceding period; or(B) a mathematical blend of applicable values over a stated number of preceding periods;(7) a limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:(A) The corresponding applicable value for the preceding period; or(B) a mathematical blend of applicable values over a stated number of preceding periods;(8) the treatment of accrued income and other features of an asset that affect value; and(9) determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under paragraphs (1) through (8).History: L. 2021, ch. 63, § 14; July 1.
KS Stat § 58-9a,308 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,308 Same; period required; optional standards.

58-9a-308. Same; period required; optional standards. (a) A unitrust policy must provide the period used under K.S.A. 2021 Supp. 58-9a-306 and 58-9a-307, and amendments thereto. Except as otherwise provided in K.S.A. 2021 Supp. 58-9a-309(b)(3), and amendments thereto, the period may be:(1) A calendar year;(2) a 12-month period other than a calendar year;(3) a calendar quarter;(4) a three-month period other than a calendar quarter; or(5) another period.(b) Except as otherwise provided in K.S.A. 2021 Supp. 58-9a-309(b), and amendments thereto, a unitrust policy may provide standards for:(1) Using fewer preceding periods under K.S.A. 2021 Supp. 58-9a-306(a)(2)(B), (b)(3) or (b)(4), and amendments thereto, if:(A) The trust was not in existence in a preceding period; or(B) market indices or other published data are not available for a preceding period;(2) using fewer preceding periods under K.S.A. 2021 Supp. 58-9a-307(b)(5)(A) or (B), (6)(B) or (7)(B), and amendments thereto, if:(A) The trust was not in existence in a preceding period; or(B) fair market values are not available for a preceding period; and(3) prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.History: L. 2021, ch. 63, § 15; July 1.
KS Stat § 58-9a,309 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,309 Special tax benefits; other rules.

58-9a-309. Special tax benefits; other rules. (a) A unitrust policy may:(1) Provide methods and standards for:(A) Determining the timing of distributions;(B) making distributions in cash or in kind or partly in cash and partly in kind; or(C) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;(2) specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or(3) provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.(b) If a trust qualifies for a special tax benefit or a fiduciary is not an independent person:(1) The unitrust rate established under K.S.A. 2021 Supp. 58-9a-306, and amendments thereto, may not be less than 3% or more than 5%;(2) the only provisions of K.S.A. 2021 Supp. 58-9a-307 that apply are K.S.A. 2021 Supp. 58-9a-307(a) and (b)(1), (4), (5)(A) and (9), and amendments thereto;(3) the only period that may be used under K.S.A. 2021 Supp. 58-9a-308 is a calendar year under K.S.A. 2021 Supp. 58-9a-308(a)(1), and amendments thereto; and(4) the only other provisions of K.S.A. 2021 Supp. 58-9a-308 that apply are K.S.A. 2021 Supp. 58-9a-308(b)(2)(A) and (3), and amendments thereto.History: L. 2021, ch. 63, § 16; July 1.
KS Stat § 58-9a,402 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,402 Receipts from distribution from trust or estate.

58-9a-402. Receipts from distribution from trust or estate. A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under K.S.A. 2021 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that is an investment entity, and shall allocate to principal an amount received as a distribution of principal from the trust or estate. If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, K.S.A. 2021 Supp. 58-9a-401, 58-9a-415 or 58-9a-416, and amendments thereto, applies to a receipt from the trust.History: L. 2021, ch. 63, § 18; July 1.
KS Stat § 58-9a,403 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,403 Accounting for business or other activity conducted by fiduciary.

58-9a-403. Accounting for business or other activity conducted by fiduciary. (a) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or other activity instead of:(1) Accounting for the business or other activity as part of the fiduciary's general accounting records; or(2) conducting the business or other activity through an entity described in K.S.A. 2021 Supp. 58-9a-401(a)(2)(A), and amendments thereto.(b) A fiduciary may account separately under this section for the transactions of a business or other activity, whether or not assets of the business or other activity are segregated from other assets held by the fiduciary.(c) A fiduciary that accounts separately under this section for a business or other activity:(1) May determine:(A) The extent to which the net cash receipts of the business or other activity must be retained for:(i) Working capital;(ii) the acquisition or replacement of fixed assets; and(iii) other reasonably foreseeable needs of the business or other activity; and(B) the extent to which the remaining net cash receipts are accounted for as principal or income in the fiduciary's general accounting records for the trust;(2) may make a determination under paragraph (1) separately and differently from the fiduciary's decisions concerning distributions of income or principal; and(3) shall account for the net amount received from the sale of an asset of the business or other activity, other than a sale in the ordinary course of the business or other activity, as principal in the fiduciary's general accounting records for the trust, to the extent the fiduciary determines that the net amount received is no longer required in the conduct of the business or other activity.(d) Activities for which a fiduciary may account separately under this section include:(1) Retail, manufacturing, service and other traditional business activities;(2) farming;(3) raising and selling livestock and other animals;(4) managing rental properties;(5) extracting minerals, water and other natural resources;(6) growing and cutting timber;(7) an activity to which K.S.A. 2021 Supp. 58-9a-414, 58-9a-415 or 58-9a-416, and amendments thereto, applies; and(8) any other business conducted by the fiduciary.History: L. 2021, ch. 63, § 19; July 1.
KS Stat § 58-9a,404 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,404 Principal receipts.

58-9a-404. Principal receipts. A fiduciary shall allocate to principal:(a) To the extent not allocated to income under this act, an asset received from:(1) An individual during the individual's lifetime;(2) an estate;(3) a trust on termination of an income interest; or(4) a payor under a contract naming the fiduciary as beneficiary;(b) except as otherwise provided in K.S.A. 2021 Supp. 58-9a-401 through 58-9a-416, and amendments thereto, money or other property received from the sale, exchange, liquidation or change in form of a principal asset;(c) an amount recovered from a third party to reimburse the fiduciary because of a disbursement described in K.S.A. 2021 Supp. 58-9a-502(a), and amendments thereto, or for another reason to the extent not based on loss of income;(d) proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the period;(e) net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and(f) other receipts as provided in K.S.A. 2021 Supp. 58-9a-408 through 58-9a-416, and amendments thereto.History: L. 2021, ch. 63, § 20; July 1.
KS Stat § 58-9a,405 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,405 Receipts from rental property.

58-9a-405. Receipts from rental property. To the extent a fiduciary does not account for the management of rental property as a business under K.S.A. 2021 Supp. 58-9a-403, and amendments thereto, the fiduciary 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:(a) Must be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this act; and(b) is not allocated to income or available for distribution to a beneficiary until the fiduciary's contractual obligations have been satisfied with respect to that amount.History: L. 2021, ch. 63, § 21; July 1.
KS Stat § 58-9a,406 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,406 Receipt from obligation to be paid in money.

58-9a-406. Receipt from obligation to be paid in money. (a) This section does not apply to an obligation to which K.S.A. 2021 Supp. 58-9a-409, 58-9a-410, 58-9a-411, 58-9a-412, 58-9a-414, 58-9a-415 or 58-9a-416, and amendments thereto, applies.(b) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal.(c) A fiduciary shall allocate to principal an amount received from the sale, redemption or other disposition of an obligation to pay money to the fiduciary. A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued.History: L. 2021, ch. 63, § 22; July 1.
KS Stat § 58-9a,407 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,407 Receipts from insurance policy or contract.

58-9a-407. Receipts from insurance policy or contract. (a) This section does not apply to a contract to which K.S.A. 2021 Supp. 58-9a-409, and amendments thereto, applies.(b) Except as otherwise provided in subsection (c), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal.(c) A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:(1) Occupancy or other use by a current income beneficiary;(2) income; or(3) subject to K.S.A. 2021 Supp. 58-9a-403, and amendments thereto, profits from a business.History: L. 2021, ch. 63, § 23; July 1.
KS Stat § 58-9a,408 (2021)
2021 Kansas Statutes|Chapter 58 - Personal And Real Property|Article 9a - Uniform Fiduciary Income And Principal Act|58-9a,408 Insubstantial allocation not required.

58-9a-408. Insubstantial allocation not required. (a) If a fiduciary determines that an allocation between income and principal required by K.S.A. 2021 Supp. 58-9a-409, 58-9a-410, 58-9a-411, 58-9a-412 or 58-9a-415, and amendments thereto, is insubstantial, the fiduciary may allocate the entire amount to principal, unless K.S.A. 2021 Supp. 58-9a-203(e), and amendments thereto, applies to the allocation.(b) A fiduciary may presume an allocation is insubstantial under subsection (a) if:(1) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10%; and(2) the asset producing the receipt to be allocated has a fair market value less than 10% of the total fair market value of the assets owned or held by the fiduciary at the beginning of the accounting period.(c) The power to make a determination under subsection (a) may be:(1) Exercised by a co-fiduciary in the manner described in K.S.A. 2021 Supp. 58-9a-203(f), and amendments thereto; or(2) released or delegated for a reason described in K.S.A. 2021 Supp. 58-9a-203(g), and amendments thereto, and in the manner described in K.S.A. 2021 Supp. 58-9a-203(h), and amendments thereto.History: L. 2021, ch. 63, § 24; July 1.