reglab/housing_qa huggingface dataset:
MA Gen L ch 203c § 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 203c - Prudent Investment|Section 4 - Diversification

Section 4. A trustee shall reasonably diversify the investments of the trust unless, under the circumstances, it is prudent not to do so.
MA Gen L ch 203c § 5 (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 203c - Prudent Investment|Section 5 - Review of Assets

Section 5. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, and the other circumstances of the trust, and with the requirements of this chapter.
MA Gen L ch 203c § 6 (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 203c - Prudent Investment|Section 6 - Beneficiaries' Interests

Section 6. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
MA Gen L ch 203c § 7 (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 203c - Prudent Investment|Section 7 - Two or More Beneficiaries

Section 7. If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
MA Gen L ch 203c § 8 (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 203c - Prudent Investment|Section 8 - Costs Incurred

Section 8. In investing and managing trust assets, a trustee shall incur only costs that are appropriate and reasonable in relation to the assets, the purpose of the trust, and the skills of the trustee.
MA Gen L ch 203c § 9 (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 203c - Prudent Investment|Section 9 - Determination of Compliance With Prudent Investor Rule

Section 9. Compliance with the prudent investor rule shall be determined in light of the facts and circumstances existing at the time of a trustee's decision or action.
MA Gen L ch 203c § 10 (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 203c - Prudent Investment|Section 10 - Delegation of Investment and Management Functions

Section 10. (a) A trustee may delegate investment and management functions if it is prudent to do so. A trustee shall exercise reasonable care, skill and caution in:  (1) selecting an agent;  (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and  (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.  (b) In performing a delegated function, an agent shall owe a duty to the trust to exercise reasonable care to comply with the terms of the delegation.  (c) A trustee who complies with the requirements of subsection (a) shall not be liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.  (d) By accepting the delegation of trust functions from the trustee of a trust that is subject to the laws of the commonwealth, an agent submits to the jurisdiction of the courts of the commonwealth.
MA Gen L ch 203c § 11 (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 203c - Prudent Investment|Section 11 - Trust Provisions; Terms

Section 11. The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorize any investment or strategy permitted under this chapter and shall not be interpreted to be a restriction, elimination, or other alteration of the prudent investor rule for purposes of subsection (b) of section 2: ''investments permissible by law for investment of trust funds'', ''legal investments'', ''authorized investments'', ''using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital'', ''prudent man rule'', ''prudent trustee rule'', ''prudent person rule'', and ''prudent investor rule''.
MA Gen L ch 203d § 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 203d - Principal and Income|Section 1 - Short Title

Section 1. This chapter shall be known as and may be cited as The Massachusetts Principal and Income Act.
MA Gen L ch 203d § 3 (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 3 - Fiduciary Duties; General Principles

Section 3. (a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of this chapter, a fiduciary:  (1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter;  (2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter;  (3) shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and  (4) shall add a receipt or charge a disbursement to principal if the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.  (b) In exercising the power to adjust under subsection (a) of section 4 or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor 1 or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries.
MA Gen L ch 203d § 5 (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 5 - Judicial Control of Discretionary Powers

Section 5. (a) A court shall not change a trustee's decision to exercise or not to exercise a discretionary power conferred by this chapter unless it determines that the decision was an abuse of the trustee's discretion. A court shall not determine that a trustee abused his or her discretion merely because the court would have exercised the discretion in a different manner or would not have exercised the discretion.  (b) The decisions to which subsection (a) applies include:—  (1) A determination under subsection (a) of section 4 of whether and to what extent an amount should be transferred from principal to income or income to principal.  (2) A determination of the factors that are relevant to the trust and its beneficiaries and the weight, if any, to be given to those factors in deciding whether to exercise the power conferred by subsection (a) of section 4.  (c) If a court determines that a trustee has abused his discretion, the remedy shall be to restore the income and remainder beneficiaries to the positions they would have occupied if the trustee had not abused his discretion, according to the following rules:—  (1) If the abuse of discretion has resulted in no distribution to a beneficiary or a distribution that is too small, the court shall require the trustee to distribute to the beneficiary an amount that the court determines will restore the beneficiary, in whole or in part, to his appropriate position.  (2) If the abuse of discretion has resulted in a distribution to a beneficiary that is too large, the court shall restore the beneficiaries, the trust, or both, in whole or in part to their appropriate positions by requiring the trustee to withhold an amount from 1 or more future distributions to the beneficiary who received the distribution that was too large or requiring that beneficiary to return some or all of the distribution to the trust.  (3) If the court is unable, after applying paragraphs (1) and (2), to restore the beneficiaries, the trust, or both, to the positions they would have occupied if the trustee had not abused his discretion, the court may require the trustee to pay an appropriate amount from his own funds to one or more of the beneficiaries or the trust or both.  (d) A trustee may seek court determination as to whether a proposed exercise or non-exercise by the trustee of a discretionary power will result in an abuse of discretion. A beneficiary objecting to the relief sought shall have the burden of establishing that an abuse of discretion will result.
MA Gen L ch 203d § 7 (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 7 - Distribution to Residuary and Remainder Beneficiaries

Section 7. (a) Each beneficiary described in paragraph (4) of section 6 is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.  (b) In determining a beneficiary's share of net income, the following rules apply:  (1) the beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations;  (2) the beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust;  (3) the beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation; and  (4) the distribution date, for purposes of this section, may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.  (c) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.  (d) A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.
MA Gen L ch 203d § 8 (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 8 - When Right to Income Begins and Ends

Section 8. (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.  (b) An asset becomes subject to a trust:  (1) on the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;  (2) on the day after a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or  (3) on the day after an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.  (c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d), even if there is an intervening period of administration to wind up the preceding income interest.  (d) An income interest ends on the day an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.
MA Gen L ch 203d § 8a (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 8a - Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins

Section 8A. (a) A trustee shall allocate an income receipt or disbursement other than one to which paragraph (1) of section 6 applies to principal if its due date occurs on or before the date on which a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.  (b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs after the date on which a decedent dies or on or after an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing on or before the date on which a decedent dies or before an income interest begins shall be allocated to principal and the balance shall be allocated to income.  (c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which section 10 applies are considered to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that shall be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.
MA Gen L ch 203d § 9 (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 9 - Apportionment When Income Interest Ends

Section 9. (a) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than 5 per cent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked shall be added to principal.  (b) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate or other tax requirements.
MA Gen L ch 203d § 10 (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 10 - Character of Receipts

Section 10. (a) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.  (b) A trustee shall allocate the following receipts from an entity to principal:  (1) property other than money;  (2) money received in one distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity;  (3) money received in total or partial liquidation of the entity; and  (4) money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes.  (c) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.
MA Gen L ch 203d § 11 (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 11 - Distribution From Trust or Estate

Section 11. A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in the trust to a trustee, section 10 or 24 applies to a receipt from the trust.
MA Gen L ch 203d § 12 (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 12 - Business and Other Activities Conducted by Trustee

Section 12. (a) If a trustee who 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 who accounts separately for a business or other activity may determine if 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 if 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 include:  (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; and  (7) activities to which section 23 applies.
MA Gen L ch 203d § 13 (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 13 - Principal Receipts

Section 13. If not allocated to income, a trustee shall allocate to principal:  (1) to the extent not allocated to income under this chapter, 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;  (2) money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit;  (3) amounts recovered from third parties to reimburse the trust because of disbursements described in clause (7) of subsection (a) of section 26 or for other reasons to the extent not based on the loss of income;  (4) 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;  (5) net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and  (6) other receipts.