reglab/housing_qa huggingface dataset:
Ohio Rev Code § 5812.20 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.20 | Business and Other Activities Conducted by Trustee.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) If a trust that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.(B) A trustee that accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.(C) Activities for which a trustee may maintain separate accounting records under this section include all of the following:(1) Retail, manufacturing, service, and other traditional business activities;(2) Farming;(3) Raising and selling livestock and other animals;(4) Management of rental properties;(5) Extraction of minerals and other natural resources;(6) Timber operations;(7) Activities to which section 5812.37 of the Revised Code applies.
Ohio Rev Code § 5812.24 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.24 | Principal Receipts.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee shall allocate to principal all of the following:(A) To the extent not allocated to income under sections 5812.01 to 5812.52 of the Revised Code, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;(B) Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to sections 5812.18 to 5812.38 of the Revised Code;(C) Amounts recovered from third parties to reimburse the trust because of disbursements described in division (A)(7) of section 5812.43 of the Revised Code or for other reasons to the extent not based on the loss of income;(D) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;(E) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income;(F) Other receipts as provided in sections 5812.31 to 5812.38 of the Revised Code.
Ohio Rev Code § 5812.25 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.25 | Rental Property.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|To the extent that 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, shall be added to principal and held subject to the terms of the lease and shall not be available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.
Ohio Rev Code § 5812.26 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.26 | Obligation to Pay Money.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(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 prepaying principal, shall be allocated to income without any provision for amortization of premium.(B) A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one year after the date it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after the date it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust shall be allocated to income.(C) This section does not apply to an obligation to which section 5812.32, 5812.33, 5812.34, 5812.35, 5812.37, or 5812.38 of the Revised Code applies.
Ohio Rev Code § 5812.27 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.27 | Insurance Policies and Similar Contracts.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) Except as otherwise provided in division (B) of this section, 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 5812.20 of the Revised Code, loss of profits from a business.(C) This section does not apply to a contract to which section 5812.32 of the Revised Code applies.
Ohio Rev Code § 5812.31 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.31 | Insubstantial Allocations Not Required.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|If a trustee determines that an allocation between principal and income required by section 5812.32, 5812.33, 5812.34, 5812.35, or 5812.38 of the Revised Code is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in division (C) of section 5812.03 of the Revised Code applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in division (D) of that section and may be released for the reasons and in the manner described in division (E) of the section. An allocation is presumed to be insubstantial if either of the following applies:(A) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten per cent.(B) The value of the asset producing the receipt for which the allocation would be made is less than ten per cent of the total value of the trust's assets at the beginning of the accounting period.
Ohio Rev Code § 5812.33 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.33 | Liquidating Asset.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. "Liquidating asset" includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance. "Liquidating asset" excludes a payment subject to section 5812.32 of the Revised Code, resources subject to section 5812.34 of the Revised Code, timber subject to section 5812.35 of the Revised Code, an activity subject to section 5812.37 of the Revised Code, an asset subject to section 5812.38 of the Revised Code, or any asset for which the trustee establishes a reserve for depreciation under section 5812.44 of the Revised Code.(B) A trustee shall allocate to income ten per cent of the receipts from a liquidating asset and the balance to principal.
Ohio Rev Code § 5812.34 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.34 | Minerals, Water and Other Natural Resources.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate the receipts in accordance with all of the following:(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 shall be allocated to income if and to the extent that 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, ninety 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 division (A)(1), (2), or (3) of this section, ninety 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, ninety per cent of the amount shall be allocated to principal and the balance to income.(C) This section 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 on January 1, 2003, the trustee may allocate receipts from the interest as provided in this section or in the manner used by the trustee before that date. If the trust acquires an interest in minerals, water, or other natural resources after January 1, 2003, the trustee shall allocate receipts from the interest as provided in this section.
Ohio Rev Code § 5812.35 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.35 | Timber.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts in accordance with all of the following:(1) To income, to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;(2) To principal, to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;(3) To or between income and principal, if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying divisions (A)(1) and (2) of this section;(4) To principal, to the extent that advance payments, bonuses, and other payments are not allocated pursuant to division (A)(1), (2), or (3) of this section.(B) In determining net receipts to be allocated pursuant to division (A) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion.(C) This section applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.(D) If a trust owns an interest in timberland on January 1, 2003, the trustee may allocate net receipts from the sale of timber and related products as provided in this section or in the manner used by the trustee before that date. If the trust acquires an interest in timberland after January 1, 2003, the trustee shall allocate net receipts from the sale of timber and related products as provided in this section.
Ohio Rev Code § 5812.36 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.36 | Property Not Productive of Income.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(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 5812.03 of the Revised Code 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 division (A) of that section. The trustee may decide which action or combination of actions to take.(B) In cases not governed by division (A) of this section, proceeds from the sale or other disposition of an asset shall be principal without regard to the amount of income the asset produces during any accounting period.
Ohio Rev Code § 5812.37 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.37 | Derivatives and Options.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.(B) To the extent that a trustee does not account under section 5812.20 of the Revised Code for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.(C) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option shall be allocated to principal. An amount paid to acquire the option shall be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, shall be allocated to principal.
Ohio Rev Code § 5812.38 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.38 | Asset-Backed Securities.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) As used in this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. "Asset-backed security" includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. "Asset-backed security" excludes an asset to which section 5812.18 or 5812.32 of the Revised Code applies.(B) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment that the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.(C) If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate ten per cent of the payment to income and the balance to principal.
Ohio Rev Code § 5812.42 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.42 | Disbursements From Income.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|A trustee shall make all of the following disbursements from income to the extent that they are not disbursements to which division (B)(2) or (3) of section 5812.07 of the Revised Code applies:(A) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;(B) One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;(C) 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;(D) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
Ohio Rev Code § 5812.43 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.43 | Disbursements From Principal.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) A trustee shall make all of the following disbursements from principal:(1) The remaining one-half of the disbursements described in divisions (A) and (B) of section 5812.42 of the Revised Code;(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 division (D) of section 5812.42 of the Revised Code of which the trust is the owner and beneficiary;(6) Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust;(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.
Ohio Rev Code § 5812.44 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.44 | Transfers From Income to Principal for Depreciation.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.(B) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but shall not transfer any amount for depreciation under any of the following circumstances:(1) Any amount for depreciation 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) Any amount for depreciation during the administration of a decedent's estate;(3) Any amount for depreciation under this section if the trustee is accounting under section 5812.20 of the Revised Code for the business or activity in which the asset is used.(C) An amount transferred to principal need not be held as a separate fund.
Ohio Rev Code § 5812.45 (2021)
2021 Ohio Revised Code|Title 58 | Trusts|Chapter 5812 | Uniform Principal and Income Act|Section 5812.45 | Transfers From Income to Reimburse Principal.

Effective: January 1, 2007|Latest Legislation:  House Bill 416 - 126th General Assembly|(A) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.(B) Principal disbursements to which division (A) of this section applies include all of 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;(5) Disbursements described in division (A)(7) of section 5812.43 of the Revised Code.(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 division (A) of this section.