reglab/housing_qa huggingface dataset:
MA Gen L ch 203d § 14 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 14 - Rental Property

Section 14. If a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.
MA Gen L ch 203d § 15 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 15 - Obligation to Pay Money

Section 15. (a) An amount received as interest, whether determined at a fixed, variable or floating rate on an obligation to pay money to the trustee, including an amount received as consideration for prepayment of principal, shall be allocated to income without any provision for amortization of premium.  (b) This section shall not apply to an obligation to which section 18, 19, 20, 21, 23 or 24 applies.
MA Gen L ch 203d § 16 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 16 - Insurance Policies and Similar Contracts

Section 16. (a) Except as otherwise provided in subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income and to principal if the premiums are paid from principal.  (b) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to section 12, loss of profits from a business.  (c) This section shall not apply to a contract to which section 18 applies.
MA Gen L ch 203d § 17 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 17 - Insubstantial Allocations Not Required

Section 17. If a trustee determines that an allocation between principal and income required by section 18, 19, 20, 21 or 24 is insubstantial, the trustee may allocate the entire amount to principal unless 1 of the circumstances described in subsection (c) of section 4 applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in subsection (d) of said section 4 and may be released for the reasons and in the manner described in subsection (e) of said section 4. An allocation is presumed to be insubstantial 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 per cent; or  (2) the value of the asset producing the receipt for which the allocation would be made is less than 10 per cent of the total value of the trust's assets at the beginning of the accounting period.
MA Gen L ch 203d § 18 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 18 - Deferred Compensation, Annuities and Similar Payments

Section 18. (a) If a payment is characterized as interest or a dividend or a payment made in lieu of interest or a dividend, a trustee shall allocate it to income. The trustee shall allocate to principal the balance of the payment and any other payment received in the same accounting period that is not characterized as interest, a dividend, or an equivalent payment.  (b) If no part of a payment is characterized as interest, a dividend or an equivalent payment, and all or part of the payment is required to be made, a trustee shall allocate to income 10 per cent of the part that is required to be made during the accounting period and the balance to principal. If no part of a payment is required to be made or the payment received is the entire amount to which the trustee is entitled, the trustee shall allocate the entire payment to principal. For purposes of this subsection, a payment is not required to be made if it is made because the trustee exercises a right of withdrawal.  (c) If, to obtain an estate tax marital deduction for a trust, a trustee shall allocate more of a payment to income than provided for by this section, the trustee shall allocate to income the additional amount necessary to obtain the marital deduction.  (d) This section shall not apply to payments to which section 19 applies.
MA Gen L ch 203d § 19 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 19 - Liquidating Asset

Section 19. A trustee shall allocate to income 10 per cent of the receipts from a liquidating asset and the balance to principal.
MA Gen L ch 203d § 20 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 20 - Minerals, Water, and Other Natural Resources

Section 20. (a) If a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:  (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt shall be allocated to income.  (2) If received from a production payment, a receipt must be allocated to income if the agreement creating the production payment provides a factor for interest or its equivalent. The balance shall be allocated to principal.  (3) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, 90 per cent shall be allocated to principal and the balance to income.  (4) If an amount is received from a working interest or any other interest not provided for in paragraph (1), (2), or (3), 90 per cent of the net amount received shall be allocated to principal and the balance to income.  (b) An amount received on account of an interest in water that is renewable shall be allocated to income. If the water is not renewable, 90 per cent of the amount shall be allocated to principal and the balance to income.  (c) This chapter applies whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust.  (d) If a trust owns an interest in minerals, water, or other natural resources, the trustee may allocate receipts from the interest as provided in this chapter or in the manner used by the trustee. If the trust acquires an interest in minerals, water or other natural resources, the trustee shall allocate receipts from the interest as provided in this chapter.
MA Gen L ch 203d § 21 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 21 - Timber

Section 21. (a) If 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 if 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 if the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;  (3) to or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (1) and (2); or  (4) to principal if the advance payments, bonuses, and other payments are not allocated pursuant to paragraph (1), (2), or (3).  (b) In determining net receipts to be allocated pursuant to subsection (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion.  (c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it become subject to the trust.  (d) If a trust owns an interest in timber land, 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. If the trust acquires an interest in timber land, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter.
MA Gen L ch 203d § 22 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 22 - Property Not Productive of Income

Section 22. (a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under section 4 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by subsection (a) of said section 4. The trustee may decide which action or combination of actions to take.  (b) In cases not governed by subsection (a), 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.
MA Gen L ch 203d § 23 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 23 - Derivatives and Options

Section 23. (a) To the extent that a trustee does not account under section 12 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.  (b) 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 must be allocated to principal. An amount paid to acquire the option must 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.
MA Gen L ch 203d § 24 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 24 - Asset-Backed Securities

Section 24. (a) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.  (b) If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in 1 accounting period, the trustee shall allocate the payments to principal. If a payment is 1 of a series of payments that will result in the liquidation of the trust's interest in the security over more than 1 accounting period, the trustee shall allocate 10 per cent of the payment to income and the balance to principal.
MA Gen L ch 203d § 25 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 25 - Disbursements From Income

Section 25. A trustee shall make the following disbursements from income if they are not disbursements to which clause (ii) or (iii) of paragraph (2) of section 6 applies:  (1) so much of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee, and expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests as shall be determined by the trustee;  (2) 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  (3) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
MA Gen L ch 203d § 26 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 26 - Disbursements From Principal

Section 26. (a) A trustee shall make the following disbursements from principal:  (1) such of the disbursements described in clause (1) of section 25 as are not charged to income;  (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 clause (3) of section 25 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.
MA Gen L ch 203d § 27 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 27 - Transfers From Income to Principal for Depreciation

Section 27. (a) 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 section 12 for the business or activity in which the asset is used.  (b) An amount transferred to principal need not be held as a separate fund.
MA Gen L ch 203d § 28 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 28 - Transfers From Income to Reimburse Principal

Section 28. If an amount chargeable to income is unusually large, a trustee may pay all or any part of such amount from principal and shall reimburse principal by transfers from income over a reasonable period of time.
MA Gen L ch 203d § 29 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203d - Principal and Income|Section 29 - Income Taxes

Section 29. (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 proportionately:  (1) from income if receipts from the entity are allocated to income; and  (2) from principal if:—  (i) receipts from the entity are allocated to principal; and  (ii) the trust's share of the entity's taxable income exceeds the total receipts described in this clause and in paragraph (1).  (d) For purposes of this section, receipts allocated to principal or income shall be reduced by the amount distributed to a beneficiary from principal or income for which the trust receives a deduction in calculating the tax.
MA Gen L ch 204 § 1 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 204 - General Provisions Relative to Sales, Mortgages, Releases, Compromises, etc., by Executors, Etc.|Section 1 - Specific Performance of Decedent's Land Contracts

Section 1. If a person who has entered into a written agreement for the conveyance of real estate or holds real estate which by operation of law is subject to be conveyed to others, dies or is put under guardianship or conservatorship or disappears or absconds with the result that a receiver of his property is appointed under chapter two hundred, without having made such conveyance, the probate court shall have jurisdiction in equity concurrent with the supreme judicial and superior courts to enforce specific performance of such agreement or obligation to convey; and, upon a petition therefor by any person interested in the conveyance, shall, after notice, if upon hearing it appears that the deceased, were he living, or the ward, were he not under guardianship or conservatorship, or the absentee, had he not disappeared or absconded as aforesaid, would be required to make the conveyance, order the executor or administrator, or the guardian, conservator or receiver to make the same, which conveyance shall have like force and effect as if made by the person who agreed or was liable to convey. Such concurrent jurisdiction shall also extend to the specific enforcement of reconveyance by persons alleged to be improperly holding or retaining property belonging to the estate of a deceased person, or to a person under guardianship or conservatorship, or to a person of whose property a receiver has been appointed under said chapter two hundred, and to the cancellation of deeds, releases or other conveyances or acquittances executed by a person since deceased or by a person since placed under guardianship or conservatorship or of whose property a receiver has been appointed as aforesaid, on petition of the executor, administrator, guardian, conservator or receiver, as the case may be.
MA Gen L ch 204 § 2 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 204 - General Provisions Relative to Sales, Mortgages, Releases, Compromises, etc., by Executors, Etc.|Section 2 - Consent of a Deceased Person; Power of Court to Decree Conveyance

Section 2. If, under a will, the sale of real estate by a trustee, executor or administrator with the will annexed is dependent upon the consent of a person who has deceased, the probate court having jurisdiction of the settlement of the estate may, in its discretion, and if all parties interested assent, authorize the sale and conveyance of such real estate in like manner as if no such consent had been required.
MA Gen L ch 204 § 4 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 204 - General Provisions Relative to Sales, Mortgages, Releases, Compromises, etc., by Executors, Etc.|Section 4 - Vested or Contingent Interests; Power of Fiduciaries to Release

Section 4. An executor, administrator, guardian, conservator or trustee may, after the notice required upon a petition by him for a license to sell real estate, be authorized by the probate court to release and discharge, upon such terms and conditions as may appear to be proper, a vested, contingent or possible right or interest, if such release or discharge appears to be for the benefit of the person or estate which he represents.