reglab/housing_qa huggingface dataset:
18-C ME Rev Stat § 7-448 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST|18-C §7-448. Insubstantial allocations not required

 §7-448. Insubstantial allocations not required If a trustee determines that an allocation between principal and income required by section 7-449, 7-450, 7-451, 7-452 or 7-455 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in section 7-404, subsection 3 applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in section 7-404, subsection 4 and may be released for the reasons and in the manner described in section 7-404, subsection 5. An allocation is presumed to be insubstantial if:   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]1.  Increase or decrease of less than 10%.  The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10%; or   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Value of asset less than 10%.  The value of the asset producing the receipt for which the allocation would be made is less than 10% of the total value of the trust's assets at the beginning of the accounting period.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-450 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST|18-C §7-450. Liquidating asset

 §7-450. Liquidating asset 1.  Liquidating asset.  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" does not include a payment subject to section 7-449, resources subject to section 7-451, timber subject to section 7-452, an activity subject to section 7-454, an asset subject to section 7-455 or any asset for which the trustee establishes a reserve for depreciation under section 7-463.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Allocation.  A trustee shall allocate to income 10% of the receipts from a liquidating asset and the balance to principal.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-451 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST|18-C §7-451. Minerals, water and other natural resources

 §7-451. Minerals, water and other natural resources 1.  Allocation of receipts.  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 them as follows:   A. If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]B. If received from a production payment, a receipt must 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 must be allocated to principal;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]C. If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus or delay rental is more than nominal, 90% must be allocated to principal and the balance to income; and   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]D. If an amount is received from a working interest or any other interest not provided for in paragraph A, B or C, 90% of the net amount received must be allocated to principal and the balance to income.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).][PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Allocation from interest in water.  An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, 90% of the amount must be allocated to principal and the balance to income.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 3.  Timing of extractions.  This Part applies whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 4.  Pre-2002 ownership.  If a trust owns an interest in minerals, water or other natural resources on January 1, 2002, the trustee may allocate receipts from the interest as provided in this Part or in the manner used by the trustee before January 1, 2002. If the trust acquires an interest in minerals, water or other natural resources after January 1, 2002, the trustee shall allocate receipts from the interest as provided in this Part.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-453 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST|18-C §7-453. Property not productive of income

 §7-453. Property not productive of income 1.  Income to obtain marital deduction.  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 7-404 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 section 7‑404, subsection 1. The trustee may decide which action or combination of actions to take.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Proceeds otherwise are principal.  In cases not governed by subsection 1, 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.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-454 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST|18-C §7-454. Derivatives and options

 §7-454. Derivatives and options 1.  Derivative.  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.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Allocation to principal.  To the extent that a trustee does not account under section 7-443 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 3.  Options to buy or sell property; paid from or allocated to principal.  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, must be allocated to principal.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-455 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST|18-C §7-455. Asset-backed securities

 §7-455. Asset-backed securities 1.  Asset-backed security.  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. The term does not include an asset to which section 7-441 or 7-449 applies.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Payment from interest or current return; allocate to income.  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 payor identifies as being from interest or other current return and shall allocate the balance of the payment to principal.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 3.  Payments for trust's interest; allocate to income and principal.  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 10% of the payment to income and the balance to principal.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-461 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 5: ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST|18-C §7-461. Disbursements from income

 §7-461. Disbursements from income A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 7-421, subsection 2, paragraph B or C applies:   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]1.  Compensation.  One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Expenses; income and remainder interests.  One-half of all expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 3.  Other ordinary expenses.  All of the ordinary expenses other than those specified in subsections 1 and 2 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   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 4.  Recurring premiums.  Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-462 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 5: ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST|18-C §7-462. Disbursements from principal

 §7-462. Disbursements from principal 1.  Required disbursements.  A trustee shall make the following disbursements from principal:   A. The remaining 1/2 of the disbursements described in section 7‑461, subsections 1 and 2;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]B. 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;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]C. Payments on the principal of a trust debt;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]D. Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]E. Premiums paid on a policy of insurance not described in section 7-461, subsection 4 of which the trust is the owner and beneficiary;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]F. Estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]G. 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 3rd parties and defending claims based on environmental matters.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).][PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Encumbered principal asset; transfer to income.  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.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-463 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 5: ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST|18-C §7-463. Transfers from income to principal for depreciation

 §7-463. Transfers from income to principal for depreciation 1.  Depreciation.  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.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Reasonable amount of net cash receipts.  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 for depreciation any amount:   A. 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;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]B. During the administration of a decedent's estate; or   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]C. Under this section if the trustee is accounting under section 7-443 for the business or activity in which the asset is used.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).][PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 3.  Separate fund not required.  An amount transferred to principal pursuant to subsection 2 need not be held as a separate fund.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-464 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 5: ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST|18-C §7-464. Transfers from income to reimburse principal

 §7-464. Transfers from income to reimburse principal 1.  Transfer to reimburse or provide reserve.  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.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Applicable principal disbursement.  Principal disbursements to which subsection 1 applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a 3rd party:   A. An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]B. 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;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]C. Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements and broker's commissions;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]D. 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   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]E. Disbursements described in section 7‑462, subsection 1, paragraph G.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).][PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 3.  Successive income interest.  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 1.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
18-C ME Rev Stat § 7-465 (2021)
2021 Maine Revised Statutes|TITLE 18-C: PROBATE CODE|Article 7: TRUST ADMINISTRATION|Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997|Subpart 5: ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST|18-C §7-465. Income taxes

 §7-465. Income taxes 1.  Tax based on receipts allocated to income.  A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2.  Tax based on receipts allocated to principal.  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.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 3.  Tax on trust's share of entity's taxable income.  A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:   A. From income to the extent that receipts from the entity are allocated only to income;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]B. From principal to the extent that receipts from the entity are allocated only to principal;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]C. Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]D. From principal to the extent that the tax exceeds the total receipts from the entity.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).][PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 4.  Adjustments because of deduction for payments to beneficiary.  After applying subsections 1 to 3, 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.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).