reglab/housing_qa huggingface dataset:
LA Rev Stat § 9:2119 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2119. Sale of trust property

RS 2119 - Sale of trust property  A trustee may sell trust property unless the sale is forbidden in specific words by the trust instrument or unless it appears from the provisions of the trust instrument that the property is to be retained in kind. A settlor by the provisions of the trust instrument cannot forbid a sale of immovable property for a period beyond fifteen years from his death.
LA Rev Stat § 9:2120 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2120. Mortgage or pledge; borrowing

RS 2120 - Mortgage or pledge; borrowing  A trustee may mortgage or pledge trust property, or borrow money on the credit of the trust estate and charge the trust estate therefor, unless the trust instrument provides otherwise.
LA Rev Stat § 9:2121 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2121. Compromise, arbitration, and abandonment of claims

RS 2121 - Compromise, arbitration, and abandonment of claims  A trustee may compromise, submit to arbitration, or abandon claims affecting the trust property.
LA Rev Stat § 9:2122 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2122. Powers with respect to shares of stock

RS 2122 - Powers with respect to shares of stock  A trustee may exercise all powers of holders of shares of stock or other securities, including the right to vote in person or by proxy.
LA Rev Stat § 9:2123 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2123. Stock subscription; incorporator; organizer; partnership; joint venture; limited liability company; other legal entities

RS 2123 - Stock subscription; incorporator; organizer; partnership; joint venture; limited liability company; other legal entities A trustee may acquire and subscribe for corporate shares, act as an incorporator or organizer, or become a member of a partnership, joint venture, limited liability company, or other legal entity, unless the trust instrument provides otherwise. Acts 1997, No. 251, §1.
LA Rev Stat § 9:2124 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2124. Holding stock in name of nominee

RS 2124 - Holding stock in name of nominee  A trustee owning stock may hold it in the name of a nominee, without mention of the trust in the stock certificate or stock registration book, provided that the trust records and all reports or accounts rendered by a trustee clearly show the ownership of the stock and the facts regarding its holding. A trustee shall be personally liable for any loss to the trust resulting from any act of the nominee in connection with stock so held.
LA Rev Stat § 9:2125 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2125. Contractual liability of trust

RS 2125 - Contractual liability of trust  A. If a trustee makes a contract that is within his powers as trustee, or if a predecessor trustee has made such a contract, and if a cause of action arises thereon, the party in whose favor the cause of action has accrued may sue the trustee in his representative capacity. A judgment rendered in the action in favor of the plaintiff shall affect or be satisfied out of the trust property.  B. A beneficiary may intervene in such an action for the purpose of contesting the right of the plaintiff to recover.  C. The plaintiff may also hold a trustee who makes a contract personally liable on the contract, if the contract does not exclude personal liability. The addition of the word "trustee" or the words "as trustee" together with language identifying the trust, after the signature of a trustee to a contract, shall be deemed prima facie evidence of an intent to exclude a trustee from personal liability.
LA Rev Stat § 9:2126 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2126. Tort liability of trust

RS 2126 - Tort liability of trust  A. If a trustee or his predecessor has incurred personal liability for a tort committed in the course of administration, the trustee in his representative capacity may be sued and collection had from the trust property, if the court determines in such an action:  (1) That the tort was a common incident of the kind of business activity in which the trustee or his predecessor was properly engaged for the trust; or  (2) That, although the tort was not a common incident of such an activity, neither a trustee nor his predecessor nor an officer or employee of the trustee or his predecessor was guilty of personal fault in incurring the liability; or  (3) That, although the tort does not fall within paragraphs (1) or (2) above, it increased the value of the trust property.  B. If the tort falls within paragraphs (1) or (2) of Sub-section A above, collection may be had of the full amount of damage proved and, if the tort falls within paragraph (3) of Sub-section A above, collection may be had only to the extent of the increase in the value of the trust property. C. A beneficiary may intervene in such an action for the purpose of contesting the right of the plaintiff to recover.  D. A trustee may also be held personally liable for any tort committed by him or his agents or employees in the course of their employment, subject to the right of exoneration or reimbursement provided in R.S. 9:2191 through 9:2196.
LA Rev Stat § 9:2127 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2127. Standard of care in investing and management

RS 2127 - Standard of care in investing and management Unless the trust instrument provides otherwise, a trustee shall invest and manage trust property as a prudent investor. In satisfying this standard, the trustee shall consider the purposes, terms, distribution requirements, and other circumstances of the trust. A trustee's investment and management decisions are to be evaluated in the context of the trust property as a whole and as part of an overall investment strategy having risk and return objectives reasonably suited to the trust. In investing within the limitations of the foregoing standard, a trustee is authorized to retain and acquire every kind of property. Acts 1986, No. 178, §1; Acts 1991, No. 665, §2; Acts 2001, No. 520, §1.
LA Rev Stat § 9:2128 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2128. Common trust funds

RS 2128 - Common trust funds  A. A trustee may establish common trust funds for the investment of trust funds of which he is trustee or cotrustee and may invest in such common trust funds, if such investment is not prohibited by the trust instrument, and if the trustee procures the consent of his cotrustees to the investment; provided that:  (1) The records, reports, and accounts of each trust having an interest in the fund clearly show the extent of such interest; and  (2) The trustee himself has no interest in such fund; and  (3) The fractional part of the management fee charged by the trustee proportionate to the interest of each beneficiary shall not, when added to any other compensation charged by a trustee to a beneficiary, exceed the total amount of compensation which would have been charged to the beneficiary if no assets of the beneficiary had been invested in the fund; and (4) The fund is maintained under a written plan that is on file at the office of the trustee and is available for inspection during business hours by any interested party; and  (5) The trustee has had prepared annually by a certified public accountant and placed on file with the trustee, a statement of the investment changes, income, disbursements, and a list of the current investments with a notation as to defaults, for the period since the last such statement. The trustee shall notify each beneficiary that a copy of the annual statement is available and will be furnished to the beneficiary on request; and  (6) Entrances into, and withdrawals from, such common trust fund are permitted only on those days upon which the assets comprising the fund are valued; and  (7) No funds are admitted to the common trust fund at a time when less than forty per centum of the value of the common trust fund is composed of cash or marketable investments for which quotations are readily available; and  (8) The fund is managed in accordance with any regulations pertaining thereto issued from time to time by the office of financial institutions; and  (9) On the termination of a trust interested in the common trust fund, the trustee shall terminate the interest of that trust and shall pay from cash in the common trust fund to the person or persons then entitled to the trust capital the then market value of the interest of the trust in the common trust fund.  B. If the trustee is restricted to certain investments, then he may invest only in common trust funds limited to such investments.  C. A trustee who has established a common trust fund for the investment of trust funds may also invest therein any other funds that he holds as a fiduciary, provided he procures the consent of his co-fiduciaries. D. For the purpose of this Section, the term "trustee" shall include two or more trustees who are members of the same "affiliated group" as defined in Section 1504 of the Internal Revenue Code of 1954, as amended, with respect to any fund established pursuant to this Section, of which any of such trustee is trustee or cotrustee.  Acts 1986, No. 179, §1.
LA Rev Stat § 9:2129 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2129. Corporate trustees; deposit of securities in clearing corporation

RS 2129 - Corporate trustees; deposit of securities in clearing corporation  A. Unless the trust instrument provides otherwise, a corporate trustee may deposit or arrange for deposit in a clearing corporation securities held by it as fiduciary or as agent for a fiduciary or nonfiduciary, provided the records maintained by the corporate trustee with respect to those securities disclose the capacity in which they are held.  B. Securities deposited in a clearing corporation may be registered in the name of either the clearing corporation or its nominee without disclosing the capacity in which they are held.  C. Securities deposited in a clearing corporation may be stored together with other securities of the same class of the same issuer also stored in the clearing corporation, but not the securities of the clearing corporation, and may be combined with such other securities into one or more securities of the same class of the same issuer.  Added by Acts 1983, No. 346, §1.
LA Rev Stat § 9:2131 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2131. Distributions

RS 2131 - Distributions A trustee may make a distribution of trust property in full ownership or undivided interests, prorata or non-prorata, after taking into account the values and tax attributes of the trust property. Acts 2003, No. 480, §1.
LA Rev Stat § 9:2141 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2141. General rule

RS 2141 - General rule  A trust shall be administered with due regard to the respective interests of the beneficiaries in the allocation of receipts and expenditures. NOTE: §2141 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021.  A trust shall be administered with due regard to the respective interests of the beneficiaries in the allocation of receipts and expenses.  Amended by Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2142 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2142. Allocation to beneficiaries of income and principal

RS 2142 - Allocation to beneficiaries of income and principal  A trust receipt shall be credited, or an expenditure charged, to income or principal or partly to each:  (1) In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart; or  (2) In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument; or  (3) If no rule is provided in the trust instrument or this Subpart, entirely to principal. NOTE: §2142 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2142 - Allocation to beneficiaries of income and principal  A trust receipt or expense shall be allocated to income or principal or partly to each:  (1) In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart.  (2) In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument.  (3) If no rule is provided in the trust instrument or this Subpart, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal.  Acts 1989, No. 114, §1; Acts 2001, No. 520, §2; Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2143 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2143. Allocation to beneficiaries of usufruct and naked ownership

RS 2143 - Allocation to beneficiaries of usufruct and naked ownership  A trust is administered with due regard to the respective interests of beneficiaries of usufruct and naked ownership in the allocation of receipts and expenditures if a receipt is credited or an expenditure is charged to the beneficiary of usufruct or the beneficiary of naked ownership or partly to each:  (1) In accordance with the terms of the trust instrument and the law regulating usufruct, notwithstanding contrary provisions of this Subpart;  (2) In accordance with the provisions of this Subpart, in the absence of applicable law regulating usufruct and if the trust instrument contains no provisions to the contrary;  (3) If neither of the preceding rules applies, in accordance with what is reasonable and equitable in view of the interests of those who are beneficiaries of usufruct as well as those who are beneficiaries of naked ownership, and in view of the manner in which men of ordinary prudence, discretion, and intelligence would act in the management of their own affairs. NOTE: §2143 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2143 - Allocation to beneficiaries of usufruct and naked ownership  A trust is administered with due regard to the respective interests of beneficiaries of usufruct and naked ownership in the allocation of receipts and expenses to the beneficiary of usufruct or the beneficiary of naked ownership or partly to each:  (1) In accordance with the terms of the trust instrument and the law regulating usufruct, notwithstanding contrary provisions of this Subpart.  (2) In accordance with the provisions of this Subpart, in the absence of applicable law regulating usufruct and if the trust instrument contains no provisions to the contrary.  (3) If neither of the preceding rules applies, in accordance with what is reasonable and equitable in view of the interests of those who are beneficiaries of usufruct as well as those who are beneficiaries of naked ownership.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2144 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2144. Income and principal distinguished

RS 2144 - Income and principal distinguished   Receipts paid or delivered in return for the use of money or property forming a part of principal are income, unless this Sub-part expressly provides to the contrary.  Receipts paid or delivered as the consideration for the sale or other transfer of property forming a part of principal or as the replacement of property forming a part of principal are principal unless this Sub-part expressly provides to the contrary. NOTE: §2144 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2144 - Income and principal distinguished   Receipts paid or delivered in return for the use of property forming a part of principal are income, unless this Subpart expressly provides to the contrary.  Receipts paid or delivered in consideration for the sale or other transfer of property forming a part of principal or as the replacement of property forming a part of principal are principal unless this Subpart expressly provides to the contrary.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2145 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2145. When right to income arises

RS 2145 - When right to income arises  The right of an income beneficiary to income from property in trust arises at the time prescribed in the trust instrument, or, if no time is prescribed and the person receiving the right to income is the first income beneficiary to receive a right to income from the property, then: NOTE: Paragraph (1) eff. until Jan. 1, 2021. See Acts 2020, No. 17.  (1) At the time the property becomes subject to the trust, with respect to property transferred by inter vivos disposition; NOTE: Paragraph (1) as amended by Acts 2020, No. 17, eff. Jan 1, 2021.  (1) At the time the property becomes subject to the trust, with respect to property transferred by inter vivos disposition.  (2) At the time when, under the laws regulating donations mortis causa, the legatee of the same type of legacy free of trust is entitled to receive income from such a legacy, with respect to property transferred by testamentary disposition.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2146 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2146. Apportionment of receipts when right to income arises

RS 2146 - Apportionment of receipts when right to income arises  A. In the administration of property transferred in trust:  (1) Receipts due but not paid when the right of the first income beneficiary to receive income from the property arises shall be treated as accruing when due;  (2) Receipts in the form of periodic payments, other than corporate distributions to stockholders, not due when the right of the first income beneficiary to receive income from the property arises, shall be treated as accruing from day to day;  (3) Receipts in the form of corporate distributions to stockholders shall be treated as accruing on the date fixed for the determination of stockholders of record entitled to distribution, or, if no date is fixed, on the date of declaration of the distribution by the corporation;  (4) All other receipts shall be treated as accruing at the time of payment.  B. Receipts treated as accruing after the right of the first income beneficiary to receive income from the property arises, are income if they otherwise are income under the provisions of this Sub-part. Receipts treated as accruing at an earlier time are principal. NOTE: §2146 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2146 - Apportionment of receipts when right to income arises  A. In the administration of property transferred in trust:  (1) Receipts due but not paid when the right of the first income beneficiary to receive income from the property arises shall be treated as accruing when due.  (2) Receipts in the form of periodic payments, other than receipts on account of an interest in a juridical person or from a plan subject to R.S. 9:2151.2, not due when the right of the first income beneficiary to receive income from the property arises, shall be treated as accruing from day to day.  (3) Receipts in the form of distributions on account of an interest in a juridical person that are allocated to income under R.S. 9:2149 shall be treated as accruing on the date fixed for the determination of those entitled to distribution, or, if no date is fixed, on the date of declaration of the distribution by the juridical person.  (4) All other receipts shall be treated as accruing at the time of payment.  B. Receipts treated as accruing after the right of the first income beneficiary to receive income from the property arises, are income if they otherwise are income under the provisions of this Subpart. Receipts treated as accruing at an earlier time are principal.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2147 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2147. Apportionment of receipts when right to income ceases

RS 2147 - Apportionment of receipts when right to income ceases   Upon the termination of an income interest, the income beneficiary whose interest is terminated (or his heirs, legatees, or assignees) is entitled to:   (1) Income undistributed on the date of termination;   (2) Income due but not paid to the trustee on the date of termination;  (3) Income in the form of periodic payments, other than corporate distributions to stockholders, not due on the date of termination, accrued from day to day;   (4) Corporate distributions to stockholders paid as income after the termination of the interest if the date for determination of stockholders of record entitled to distribution is a date before the termination of the interest, or, in the event no date is fixed, if the date of declaration of the distribution by the corporation is a date before termination of the interest. NOTE: §2147 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2147 - Apportionment of receipts when right to income ceases  Upon the termination of an income interest, the income beneficiary whose interest is terminated, or his heirs, legatees, or assignees, is entitled to receive any required distributions of or from the following:  (1) Income paid to the trustee but undistributed on the date of termination.  (2) Income due but not paid to the trustee on the date of termination.  (3) Income in the form of periodic payments subject to daily accrual, other than periodic payments on account of an interest in a juridical person, not due on the date of termination but accrued prior to the date of termination.  (4) Distributions on account of an interest in a juridical person that are allocated to income under R.S. 9:2149 and that are paid after the termination of the interest if the date for determination of those entitled to distribution is a date before the termination of the interest, or, in the event no date is fixed, if the date of declaration of the distribution by the juridical person is a date before termination of the interest.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
LA Rev Stat § 9:2148 (2021)
2021 Louisiana Laws|Revised Statutes|Title 9 - Civil Code-Ancillaries|§2148. Succession receipts

RS 2148 - Succession receipts   Succession receipts shall be credited and succession expenditures shall be charged to a legacy in trust in accordance with the laws regulating donations mortis causa. NOTE: §2148 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021. RS 2148 - Succession receipts and expenses  Succession receipts and expenses shall be allocated to a legacy in trust in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal.  Acts 2020, No. 17, §1, eff. Jan. 1, 2021.