reglab/housing_qa huggingface dataset:
CT Gen Stat § 45a-542u (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542u - Property not productive of income.

 (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 45a-542c and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by subsection (a) of section 45a-542c. The trustee may decide which action or combination of actions to take.(b) In cases not governed by subsection (a) of this section, 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.(P.A. 99-164, S. 22, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542v (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542v - Derivatives and options.

 (a) In this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which 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 45a-542k 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 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.(P.A. 99-164, S. 23, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542w (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542w - Asset-backed securities.

 (a) 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. The term 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 45a-542i or 45a-542q 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 which 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.(P.A. 99-164, S. 24, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542x (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542x - Disbursements from income.

 A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subparagraph (B) or (C) of subdivision (2) of section 45a-542d applies:(1) One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;(2) One-half of all expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests;(3) All of the other ordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal and expenses of a proceeding or other matter that concerns primarily the income interest; and(4) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.(P.A. 99-164, S. 25, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542y (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542y - Disbursements from principal.

 (a) A trustee shall make the following disbursements from principal:(1) The remaining one-half of the disbursements described in subdivisions (1) and (2) of section 45a-542x;(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 subdivision (4) of section 45a-542x of which the trust is the owner and beneficiary;(6) Estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and(7) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.(b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.(P.A. 99-164, S. 26, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-542z (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802c - Trusts|Section 45a-542z - Transfers from income to principal for depreciation.

 (a) 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 may not transfer any amount for depreciation:(1) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;(2) During the administration of a decedent's estate; or(3) Under this section if the trustee is accounting under section 45a-542k 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.(P.A. 99-164, S. 27, 36.)History: P.A. 99-164 effective January 1, 2000.
CT Gen Stat § 45a-557 (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-557 - Short title: Connecticut Uniform Transfers to Minors Act.

 Sections 45a-557 to 45a-560b, inclusive, may be cited as the “Connecticut Uniform Transfers to Minors Act”.(P.A. 95-117, S. 1.)
CT Gen Stat § 45a-557a (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-557a - Definitions.

 For purposes of sections 45a-557 to 45a-560b, inclusive:(1) “Adult” means an individual who has attained the age of twenty-one years.(2) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.(3) “Court” means Probate Court.(4) “Custodial property” means (A) any interest in property transferred to a custodian under sections 45a-557 to 45a-560b, inclusive, and (B) the income from and proceeds of that interest in property.(5) “Custodian” means a person so designated under section 45a-558f or a successor or substitute custodian designated under section 45a-559c.(6) “Financial institution” means a bank, trust company, a savings institution or credit union, chartered and supervised under state or federal law.(7) “Guardian” means a person appointed or qualified by a court to act as guardian of a minor's estate or a person legally authorized to perform substantially the same functions.(8) “Legal representative” means any court appointed fiduciary, including, but not limited to, a guardian, conservator, executor or administrator. A legal representative does not include a guardian ad litem.(9) “Member of the minor's family” means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of whole or half blood or by adoption.(10) “Minor” means an individual who has not attained the age of twenty-one years.(11) “Person” means an individual, corporation, organization or other legal entity.(12) “Personal representative” means an executor, administrator, successor personal representative or temporary administrator of a decedent's estate or person legally authorized to perform substantially the same functions.(13) “State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or possession subject to the legislative authority of the United States.(14) “Transfer” means a transaction that creates custodial property under section 45a-558f.(15) “Transferor” means a person who makes a transfer under sections 45a-557 to 45a-560b, inclusive.(16) “Trust company” means a financial institution, corporation or other legal entity authorized to exercise general trust powers.(P.A. 95-117, S. 2.)
CT Gen Stat § 45a-557b (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-557b - Scope and jurisdiction.

 (a) Sections 45a-557 to 45a-560b, inclusive, apply to a transfer that refers to said sections in the designation under subsection (a) of section 45a-558f by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. Courts of probate in any district in which the transferor, the minor or the custodian is resident, or in which the custodial property is located shall have jurisdiction of any disputes or matters involving custodianship under sections 45a-557 to 45a-560b, inclusive. The custodianship so created remains subject to said sections and to such probate court jurisdiction despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state.(b) A person designated as custodian under sections 45a-557 to 45a-560b, inclusive, is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.(c) A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act, of another state is governed by the law of the state designated in the instrument of transfer and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor or the custodian is a resident of the designated state or the custodial property is located in the designated state.(P.A. 95-117, S. 3.)Subsec. (a):Superior Court found to have subject matter jurisdiction in case that involved custodial accounts and arose in the context of the dissolution of a marriage. 56 CA 492.
CT Gen Stat § 45a-558 (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558 - Nomination of custodian.

 (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”. The nomination may name one or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights.(b) A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under subsection (a) of section 45a-558f.(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section 45a-558f. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to section 45a-558f.(P.A. 95-117, S. 4.)
CT Gen Stat § 45a-558a (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558a - Transfer by gift or exercise of power.

 A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 45a-558f.(P.A. 95-117, S. 5.)
CT Gen Stat § 45a-558b (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558b - Transfer authorized by will or trust.

 (a) A personal representative or trustee may make an irrevocable transfer pursuant to section 45a-558f to a custodian for the benefit of a minor as authorized in the governing will or trust.(b) If the testator or settlor has nominated a custodian under section 45a-558 to receive the custodial property, the transfer shall be made to that person.(c) If the testator or settlor has not nominated a custodian under section 45a-558, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection (a) of section 45a-558f.(P.A. 95-117, S. 6.)
CT Gen Stat § 45a-558c (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558c - Other transfer by fiduciary.

 (a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 45a-558f, in the absence of a will or under a will or trust that does not contain an authorization to do so.(b) Subject to subsection (c) of this section, a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 45a-558f.(c) A transfer under subsection (a) or (b) of this section may be made only if (1) the personal representative, trustee or guardian considers the transfer to be in the best interest of the minor, (2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument, and (3) the transfer is authorized by the court if it exceeds five thousand dollars in value.(d) For purposes of this section, a series of transfers shall be aggregated so that the five-thousand-dollar threshold for court approval cannot be circumvented.(P.A. 95-117, S. 7.)
CT Gen Stat § 45a-558d (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558d - Transfer by obligor.

 (a) Subject to subsections (b) and (c) of this section, a person not subject to section 45a-558b or 45a-558c who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 45a-558f.(b) If a person having the right to do so under section 45a-558 has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.(c) If no custodian has been nominated under section 45a-558, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds five thousand dollars in value, in which case Probate Court approval is required. For purposes of this subsection, a series of transfers shall be aggregated so that the five-thousand-dollar threshold for court approval cannot be circumvented.(d) This section does not authorize a guardian, existing custodian or custodian to whom an obligor makes a transfer under this section to settle, release or compromise a claim of the minor or a debt owed to the minor.(P.A. 95-117, S. 8.)
CT Gen Stat § 45a-558e (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558e - Receipt for custodial property.

 A written acknowledgment of delivery by a custodian constitutes a sufficient release and discharge for custodial property transferred to the custodian pursuant to sections 45a-557 to 45a-560b, inclusive.(P.A. 95-117, S. 9.)
CT Gen Stat § 45a-558g (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558g - Single guardianship.

 A transfer may be made for only one minor, and only one person may be the custodian. All custodial property held under sections 45a-557 to 45a-560b, inclusive, by the same custodian for the benefit of the same minor constitutes a single custodianship.(P.A. 95-117, S. 11.)
CT Gen Stat § 45a-558h (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558h - Validity and effect of transfer.

 (a) The validity of a transfer made in a manner prescribed in sections 45a-557 to 45a-560b, inclusive, is not affected by: (1) Failure of the transferor to comply with subsection (c) of section 45a-558f concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under subsection (a) of section 45a-558f; or (3) death or incapacity of a person nominated under section 45a-558 or designated under section 45a-558f as custodian or the disclaimer of the office by that person.(b) A transfer made pursuant to section 45a-558f is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in sections 45a-557 to 45a-560b, inclusive, and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in sections 45a-557 to 45a-560b, inclusive.(c) By making a transfer, the transferor incorporates in the disposition all the provisions of sections 45a-557 to 45a-560b, inclusive, and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in sections 45a-557 to 45a-560b, inclusive.(P.A. 95-117, S. 12.)
CT Gen Stat § 45a-558i (2020)
2020 Connecticut General Statutes|Title 45a - Probate Courts and Procedure|Chapter 802d - Connecticut Uniform Transfers to Minors Act|Section 45a-558i - Care and control of custodial property.

 (a) A custodian shall: (1) Take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest and reinvest custodial property.(b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person of discretion and intelligence who is seeking a reasonable income and the preservation of such person's capital. The custodian shall not be limited by any other statute restricting investments by fiduciaries. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.(c) A custodian may invest in or pay premiums on life insurance or endowment policies on (1) the life of the minor only if the minor or the minor's estate is the sole beneficiary, or (2) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate or the custodian in the capacity of custodian, is the owner of the policy.(d) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: “as a custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”.(e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by any parent or legal representative of the minor or by the minor if the minor has attained the age of twelve years.(P.A. 95-117, S. 13.)