reglab/housing_qa huggingface dataset:
OR Rev Stat § 129.310 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.310 - UPIA 404. Principal receipts.

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, subject to ORS 129.300 to 129.385; (3) Amounts recovered from third parties to reimburse the trust because of disbursements described in ORS 129.405 (1)(g) 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 as provided in ORS 129.350 to 129.385. [2003 c.279 §13]
OR Rev Stat § 129.315 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.315 - UPIA 405. Rental property.

To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee’s contractual obligations have been satisfied with respect to that amount. [2003 c.279 §14]
OR Rev Stat § 129.320 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.320 - UPIA 406. Obligation to pay money.

(1) An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium. (2) A trustee shall allocate to principal an amount received from the sale, redemption or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income. (3) This section does not apply to an obligation to which ORS 129.355, 129.360, 129.365, 129.370, 129.380 or 129.385 applies. [2003 c.279 §15]
OR Rev Stat § 129.325 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.325 - UPIA 407. Insurance policies and similar contracts.

(1) Except as otherwise provided in subsection (2) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income and to principal if the premiums are paid from principal. (2) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income or, subject to ORS 129.308, loss of profits from a business. (3) This section does not apply to a contract to which ORS 129.355 applies. [2003 c.279 §16]
OR Rev Stat § 129.350 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.350 - UPIA 408. Insubstantial allocations not required.

If a trustee determines that an allocation between principal and income required by ORS 129.355, 129.360, 129.365, 129.370 or 129.385 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in ORS 129.215 (3) applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in ORS 129.215 (4) and may be released for the reasons and in the manner described in ORS 129.215 (5). An allocation is presumed to be insubstantial if: (1) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent; or (2) The value of the asset producing the receipt for which the allocation would be made is less than 10 percent of the total value of the trust’s assets at the beginning of the accounting period. [2003 c.279 §17]
OR Rev Stat § 129.360 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.360 - UPIA 410. Liquidating asset.

(1) 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. The term 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. The term does not include a payment subject to ORS 129.355, resources subject to ORS 129.365, timber subject to ORS 129.370, an activity subject to ORS 129.380, an asset subject to ORS 129.385 or any asset for which the trustee establishes a reserve for depreciation under ORS 129.410. (2) A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal. [2003 c.279 §19]
OR Rev Stat § 129.365 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.365 - UPIA 411. Minerals, water and other natural resources.

(1) 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. (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. (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 percent must be allocated to principal and the balance to income. (d) If an amount is received from a working interest or any other interest not provided for in paragraph (a), (b) or (c) of this subsection, 90 percent of the net amount received must be allocated to principal and the balance to income. (2) 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 percent of the amount must be allocated to principal and the balance to income. (3) This chapter applies whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust. (4) If a trust owns an interest in minerals, water or other natural resources on January 1, 2004, the trustee may allocate receipts from the interest as provided in this chapter or in the manner used by the trustee before January 1, 2004. If the trust acquires an interest in minerals, water or other natural resources after January 1, 2004, the trustee shall allocate receipts from the interest as provided in this chapter. [2003 c.279 §20]
OR Rev Stat § 129.370 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.370 - UPIA 412. Timber.

(1) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: (a) To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest; (b) To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber; (c) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (a) and (b) of this subsection; or (d) To principal to the extent that advance payments, bonuses and other payments are not allocated pursuant to paragraph (a), (b) or (c) of this subsection. (2) In determining net receipts to be allocated pursuant to subsection (1) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion. (3) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust. (4) If a trust owns an interest in timberland on January 1, 2004, the trustee may allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the trustee before January 1, 2004. If the trust acquires an interest in timberland after January 1, 2004, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter. [2003 c.279 §21]
OR Rev Stat § 129.375 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.375 - UPIA 413. Property not productive of income.

(1) 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 ORS 129.215 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 ORS 129.215 (1). The trustee may decide which action or combination of actions to take. (2) In cases not governed by subsection (1) 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. [2003 c.279 §22]
OR Rev Stat § 129.380 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.380 - UPIA 414. Derivatives and options.

(1) 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. (2) To the extent that a trustee does not account under ORS 129.308 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions. (3) 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. [2003 c.279 §23]
OR Rev Stat § 129.385 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.385 - UPIA 415. Asset-backed securities.

(1) 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 ORS 129.300 or 129.355 applies. (2) 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. (3) 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 percent of the payment to income and the balance to principal. [2003 c.279 §24]
OR Rev Stat § 129.400 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.400 - UPIA 501. Disbursements from income.

(1) A trustee shall make the following disbursements from income to the extent that they are not disbursements to which ORS 129.250 (2)(b) or (c) applies: (a) Except as provided in subsection (2) of this section, one-half of the regular compensation of the trustee; (b) Except as provided in subsection (2) of this section, one-half of the regular compensation of any person providing investment advisory or custodial services to the trustee; (c) One-half of all expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests; (d) 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 (e) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. (2)(a) If, in the reasonable judgment of the trustee, charging all or a part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee to principal is impracticable because of lack of sufficient cash and readily marketable assets or inadvisable because of the nature of the principal assets, the trustee may pay all or part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee out of income. Income of the trust is not entitled to reimbursement from principal for payments under this paragraph. (b) If, in the reasonable judgment of the trustee, charging all or part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee to income is impracticable because of the lack of sufficient income, or in order to provide increased income to the beneficiary, the trustee may pay all or part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee out of principal. (3) Notwithstanding subsection (1) of this section, during the lifetime of the settlor of a revocable trust, the trustee may charge trust expenses, including the trustee’s compensation, as directed by the settlor. [2003 c.279 §25; 2017 c.81 §1]
OR Rev Stat § 129.405 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.405 - UPIA 502. Disbursements from principal.

(1) A trustee shall make the following disbursements from principal: (a) The remaining portions of the disbursements described in ORS 129.400 (1)(a) to (c); (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; (c) Payments on the principal of a trust debt; (d) Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property; (e) Premiums paid on a policy of insurance not described in ORS 129.400 (1)(e) of which the trust is the owner and beneficiary; (f) Estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and (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 third parties and defending claims based on environmental matters. (2) 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. [2003 c.279 §26; 2017 c.81 §2]
OR Rev Stat § 129.410 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.410 - UPIA 503. Transfers from income to principal for depreciation.

(1) 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. (2) 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: (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; (b) During the administration of a decedent’s estate; or (c) Under this section if the trustee is accounting under ORS 129.308 for the business or activity in which the asset is used. (3) An amount transferred to principal need not be held as a separate fund. [2003 c.279 §27]
OR Rev Stat § 129.415 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.415 - UPIA 504. Transfers from income to reimburse principal.

(1) 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. (2) Principal disbursements to which subsection (1) of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party: (a) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs; (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; (c) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements and broker’s commissions; (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 (e) Disbursements described in ORS 129.405 (1)(g). (3) 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) of this section. [2003 c.279 §28]
OR Rev Stat § 129.420 (2021)
2021 Oregon Revised Statutes|Volume : 03 - Landlord-Tenant, Domestic Relations, Probate|Chapter 129 - Uniform Principal and Income Act|Section 129.420 - UPIA 505. Income taxes.

(1) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (2) 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. (3) 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; (b) From principal to the extent that receipts from the entity are allocated only to principal; (c) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and (d) From principal to the extent that the tax exceeds the total receipts from the entity. (4) After applying subsections (1) to (3) of this section, 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. [2003 c.279 §29; 2011 c.307 §3]