reglab/housing_qa huggingface dataset:
CA Prob Code § 16323 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16323.

16323.  “Fiduciary” means a personal representative or a trustee.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16324 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16324.

16324.  “Income” means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Article 5.1 (commencing with Section 16350), 5.2 (commencing with Section 16355), or 5.3 (commencing with Section 16360).(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16325 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16325.

16325.  “Income beneficiary” means a person to whom net income of a trust is or may be payable.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16326 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16326.

16326.  “Income interest” means the right of an income beneficiary to receive all or part of net income, whether the trust requires it to be distributed or authorizes it to be distributed in the trustee’s discretion.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16327 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16327.

16327.  “Mandatory income interest” means the right of an income beneficiary to receive net income that the trust requires the fiduciary to distribute.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16328 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 1 - Short Title and Definitions|Section 16328.

16328.  “Net income” means the total receipts allocated to income during an accounting period minus the disbursements made from income during the accounting period, plus or minus transfers under this chapter to or from income during the accounting period. During any period in which the trust is being administered as a unitrust, either pursuant to the powers conferred by Sections 16336.4 to 16336.6, inclusive, or pursuant to the terms of the governing instrument, “net income” means the unitrust amount, if the unitrust amount is no less than 3 percent and no more than 5 percent of the fair market value of the trust assets, whether determined annually or averaged on a multiple year basis.(Amended by Stats. 2005, Ch. 100, Sec. 1. Effective January 1, 2006.)
CA Prob Code § 16335 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 2 - General Provisions and Fiduciary Duties|Section 16335.

16335.  (a) In allocating receipts and disbursements to or between principal and income, and with respect to any other matter within the scope of this chapter, a fiduciary:(1) Shall administer a trust or decedent’s estate in accordance with the trust or the will, even if there is a different provision in this chapter.(2) May administer a trust or decedent’s estate by the exercise of a discretionary power of administration given to the fiduciary by 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, and no inference that the fiduciary has improperly exercised the discretion arises from the fact that the fiduciary has made an allocation contrary to a provision of this chapter.(3) Shall administer a trust or decedent’s estate in accordance with this chapter if the trust or the will does not contain a different provision or does not give the fiduciary a discretionary power of administration.(4) Shall add a receipt or charge a disbursement to principal to the extent that the trust or the will and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.(b) In exercising a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by a trust, a will, or this chapter, including the trustee’s power to adjust under subdivision (a) of Section 16336, and the trustee’s power to convert into a unitrust or reconvert or change the unitrust payout percentage pursuant to Sections 16336.4 to 16336.6, inclusive, the fiduciary shall administer the trust or decedent’s estate impartially, except to the extent that the trust or the will expresses an intention that the fiduciary shall or may favor one or more of the beneficiaries. The exercise of discretion in accordance with this chapter is presumed to be fair and reasonable to all beneficiaries.(Amended by Stats. 2005, Ch. 100, Sec. 2. Effective January 1, 2006.)
CA Prob Code § 16336.5 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 2 - General Provisions and Fiduciary Duties|Section 16336.5.

16336.5.  (a) The trustee may convert a trust into a unitrust upon terms other than those set forth in subdivision (e) of Section 16336.4, without court order, if all of the following apply:(1) The conditions set forth in subdivision (a) of Section 16336 are satisfied.(2) The trustee gives written notice of the trustee’s intention to convert the trust into a unitrust and furnishes the information required by subdivision (c) of Section 16336.4. The notice shall comply with the requirements of Chapter 5 (commencing with Section 16500), including notice to a beneficiary who is a minor and to the minor’s guardian, if any.(3) The payout percentage to be adopted is at least 3 percent and no greater than 5 percent.(4) All beneficiaries entitled to notice under Section 16501 consent in writing to the proposed action after having been furnished with the notice described in subdivision (c) of Section 16336.4.(b) The court may order the conversion of a trust into a unitrust as provided in this subdivision.(1) (A) The trustee may petition the court to approve the conversion to a unitrust for any one of the following reasons:(i) A beneficiary timely objects to a proposed conversion to a unitrust.(ii) The trustee proposes to make the conversion upon terms other than those described in subdivision (e) of Section 16336.4. (iii) Paragraph (3) or (4) of subdivision (h) of Section 16336.4 applies to all currently acting trustees.(iv)  If the trustee determines, in its discretion, that a petition is advisable.(B) In no event, however, may the court authorize conversion to a unitrust with a payout percentage of less than 3 percent or greater than 5 percent of the fair market value of the trust assets.(2) A beneficiary may petition the court to order the conversion.(3) The court shall approve the conversion proposed by the trustee or direct the conversion requested by the beneficiary if the conditions set forth in subdivision (a) of Section 16336 are satisfied and the court concludes that conversion of the trust on the terms proposed will enable the trustee to better comply with the provisions of subdivision (b) of Section 16335.(4) In deciding whether to approve a proposed conversion or direct a requested conversion, the court may consider, among other factors, those described in subdivision (g) of Section 16336.(Added by Stats. 2005, Ch. 100, Sec. 5. Effective January 1, 2006.)
CA Prob Code § 16336.6 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 2 - General Provisions and Fiduciary Duties|Section 16336.6.

16336.6.  Unless expressly prohibited by the governing instrument, a trustee may reconvert the trust from a unitrust or change the payout percentage of a unitrust.(a) The trustee may make the reconversion or change in payout percentage without a court order if all of the following conditions are satisfied:(1) At least three years have elapsed since the most recent conversion to a unitrust.(2) The trustee determines that reconversion or change in payout percentage would enable the trustee to better comply with the provisions of subdivision (b) of Section 16335.(3) One of the following notice requirements is satisfied:(A) In the case of a proposed reconversion, the trustee gives written notice of the trustee’s intention to convert that complies with the requirements of Chapter 5 (commencing with Section 16500) and no beneficiary objects to the proposed action in a writing delivered pursuant to Section 1215 to the trustee within the period prescribed by subdivision (d) of Section 16502. The trustee’s notice shall include the information described in paragraphs (3) and (4) of subdivision (c) of Section 16336.4.(B) In the case of a proposed change in payout percentage, the trustee gives written notice stating the new payout percentage that the trustee proposes to adopt, which notice shall comply with the requirements of Chapter 5 (commencing with Section 16500), and no beneficiary objects to the proposed action in a writing delivered pursuant to Section 1215 to the trustee within the period prescribed by subdivision (d) of Section 16502.(b) The trustee may make the reconversion or change in payout percentage at any time pursuant to court order provided that: (1) the court determines that reconversion or change in payout percentage will enable the trustee to better comply with the provisions of subdivision (b) of Section 16335, and (2) in the case of a change in payout percentage, the new payout percentage is at least 3 percent and no greater than 5 percent. The court may enter an order pursuant to this subdivision upon the petition of the trustee or any beneficiary.(Amended by Stats. 2017, Ch. 319, Sec. 90. (AB 976) Effective January 1, 2018.)
CA Prob Code § 16336.7 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 2 - General Provisions and Fiduciary Duties|Section 16336.7.

16336.7.  (a) Sections 16336.4 to 16336.6, inclusive, shall not impose any duty on the trustee to convert or reconvert a trust or to consider a conversion or reconversion.(b) Subdivision (b) of Section 16503 applies to all actions pursuant to Sections 16336.4 to 16336.6, inclusive, for which notice of proposed action is given in compliance with Chapter 5 (commencing with Section 16500), including notice to a beneficiary who is a minor and to the minor’s guardian, if any.(Added by Stats. 2005, Ch. 100, Sec. 7. Effective January 1, 2006.)
CA Prob Code § 16337 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 2 - General Provisions and Fiduciary Duties|Section 16337.

16337.  A trustee may give a notice of proposed action regarding a matter governed by this chapter as provided in Chapter 5 (commencing with Section 16500). For the purpose of this section, a proposed action includes a course of action and a decision not to take action.(Amended by Stats. 2004, Ch. 54, Sec. 1. Effective January 1, 2005.)
CA Prob Code § 16338 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 2 - General Provisions and Fiduciary Duties|Section 16338.

16338.  In a proceeding with respect to a trustee’s exercise or nonexercise of the power to make an adjustment under Section 16336, the sole remedy is to direct, deny, or revise an adjustment between principal and income. In a proceeding with respect to a trustee’s exercise or nonexercise of a power conferred by Sections 16336.4 to 16336.6, inclusive, the sole remedy is to obtain an order directing the trustee to convert the trust to a unitrust, to reconvert from a unitrust, to change the distribution percentage, or to order any administrative procedures the court determines to be necessary or helpful for the proper functioning of the trust.(Amended by Stats. 2005, Ch. 100, Sec. 8. Effective January 1, 2006.)
CA Prob Code § 16339 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 2 - General Provisions and Fiduciary Duties|Section 16339.

16339.  This chapter applies to every trust or decedent’s estate existing on or after January 1, 2000, except as otherwise expressly provided in the trust or will or in this chapter.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16341 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 3 - Decedent s Estate or Terminating Income Interest|Section 16341.

16341.  (a) Each beneficiary described in subdivision (d) of Section 16340 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 dates and without reducing the values by any unpaid principal obligations.(b) If a fiduciary does not distribute all of the collected but undistributed net income to each beneficiary as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.(c) 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.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16345 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 4 - Apportionment at Beginning and End of Income Interest|Section 16345.

16345.  (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 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 at the following times:(1) In the case of an asset that is transferred to a trust during the transferor’s life, on the date it is transferred to the trust.(2) 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, on the date of the testator’s death.(3) In the case of an asset that is transferred to a fiduciary by a third party because of the individual’s death, on the date 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 subdivision (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 before 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.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16346 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 4 - Apportionment at Beginning and End of Income Interest|Section 16346.

16346.  (a) A trustee shall allocate an income receipt or disbursement other than one to which subdivision (a) of Section 16340 applies to principal if its due date occurs before 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 on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement shall 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 before the date on which a decedent dies or 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 16350 applies are deemed 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 must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16347 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 4 - Apportionment at Beginning and End of Income Interest|Section 16347.

16347.  (a) For the purposes of this section, “undistributed income” means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal by the trust.(b) Except as provided in subdivision (c), on the date when a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or to 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 trust.(c) If immediately before the income interest ends, the beneficiary under subdivision (b) has an unqualified power to revoke more than 5 percent of the trust, the undistributed income from the portion of the trust that may be revoked shall be added to principal.(d) 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.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16351 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.1 - Allocation of Receipts During Administration of Trust: Receipts From Entities|Section 16351.

16351.  A trustee shall allocate to income an amount received as a distribution of income from a trust or a decedent’s estate (other than an interest in an investment entity) 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 the trust or estate.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16352 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.1 - Allocation of Receipts During Administration of Trust: Receipts From Entities|Section 16352.

16352.  (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 other 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 the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and its other reasonably foreseeable needs, and the extent to which 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 other 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 or other activity.(c) Businesses and other activities for which a trustee may maintain separate accounting records include the following:(1) Retail, manufacturing, service, and other traditional business activities.(2) Farming.(3) Raising and selling livestock and other animals.(4) Managing rental properties.(5) Extracting minerals and other natural resources.(6) Timber operations.(7) Activities to which Section 16366 applies.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
CA Prob Code § 16355 (2021)
2021 California Code|Probate Code - PROB|DIVISION 9 - TRUST LAW|PART 4 - TRUST ADMINISTRATION|CHAPTER 3 - Uniform Principal and Income Act|ARTICLE 5.2 - Allocation of Receipts During Administration of Trust: Receipts Not Normally Apportioned|Section 16355.

16355.  A trustee shall allocate to principal:(a) 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.(b) Subject to any contrary rules in this article and in Articles 5.1 (commencing with Section 16350) and 5.3 (commencing with Section 16360), money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit.(c) Amounts recovered from third parties to reimburse the trust because of disbursements described in paragraph (7) of subdivision (a) of Section 16371 or for other reasons to the extent not based on the loss of income.(d) 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.(e) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income.(f) Other receipts allocated to principal as provided in Article 5.3 (commencing with Section 16360).(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)