reglab/statecodes huggingface dataset:
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter II. Decedent’s Estate or Terminating Income Interest › § 61-202. Distribution to residuary and remainder beneficiaries.

§§ 61-202. Distribution to residuary and remainder beneficiaries.
(a) Each beneficiary described in § 61-201(4) of this title is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than 1 distribution of assets to beneficiaries to whom this section applies, each beneficiary, including 1 who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.
(b) In determining a beneficiary's share of net income, the following rules apply:
(1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations.
(2) The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust.
(3) The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation.
(4) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.
(c) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.
(d) A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter III. Apportionment at Beginning and End of Income Interest › § 61-301. When right to income begins and ends.

§§ 61-301. When right to income begins and ends.
(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.
(b) An asset becomes subject to a trust:
(1) On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;
(2) On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or
(3) On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.
(c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d) of this section, 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter III. Apportionment at Beginning and End of Income Interest › § 61-302. Apportionment of receipts and disbursements when decedent dies or income interest begins.

§§ 61-302. Apportionment of receipts and disbursements when decedent dies or income interest begins.
(a) A trustee shall allocate an income receipt or disbursement other than 1 to which § 61-201(1) of this title 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 must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must 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 § 61-401 of this title 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter III. Apportionment at Beginning and End of Income Interest › § 61-303. Apportionment when income interest ends.

§§ 61-303. Apportionment when income interest ends.
(a) In 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 under the terms of the trust.
(b) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than 5 percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.
(c) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-401. Character of receipts.

§§ 61-401. Character of receipts.
(a) In this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, statutory trust or any other organization in which a trustee has an interest other than a trust or estate to which § 61-402 of this title applies, a business or activity to which § 61-403 of this title applies, or an asset-backed security to which § 61-415 of this title applies.
(b) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.
(c) Subject to subsection (f) of this section, a trustee shall allocate the following receipts from an entity to principal:
(1) Property other than money; provided that if a trustee receives an option to receive a distribution in the form of money or in the form of property and elects to receive the distribution in the form of property, such distribution shall be deemed to be a distribution of money;
(2) Money received in 1 distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity;
(3) Money received in total or partial liquidation of the entity; and
(4) Money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes.
(d) Money is received in partial liquidation:
(1) Subject to subsection (f) of this section, to the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or
(2) If the total amount of money and property received in a distribution or series of related distributions is greater than 20 percent of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.
(e) Money is not received in partial liquidation, nor may it be taken into account under paragraph (d)(2) of this section, to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money.
(f) A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors or by a person authorized by such board of directors or comparable person or group of persons to make such a statement.
77 Del. Laws, c. 99, §  1;  78 Del. Laws, c. 117, §  15;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-402. Distribution from trust or estate.

§§ 61-402. Distribution from trust or estate.
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, § 61-401 or § 61-415 of this title applies to a receipt from the trust.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-403. Business and other activities conducted by an estate.

§§ 61-403. Business and other activities conducted by an estate.
(a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.
(b) A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and 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 activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.
(c) Activities for which a trustee may maintain separate accounting records include:
(1) Retail, manufacturing, service, and other traditional business activities;
(2) Farming;
(3) Raising and selling livestock and other animals;
(4) Management of rental properties;
(5) Extraction of minerals and other natural resources;
(6) Timber operations; and
(7) Activities to which § 61-414 of this title applies.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-404. Principal receipts.

§§ 61-404. 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 this subchapter;
(3) Amounts recovered from third parties to reimburse the trust because of disbursements described in § 61-502(a)(7) of this title 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 subchapter III of this chapter.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-405. Rental property.

§§ 61-405. 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-406. Obligation to pay money.

§§ 61-406. Obligation to pay money.
(a) 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.
(b) 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 1 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 1 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.
(c) This section does not apply to an obligation to which § 61-409, § 61-410, § 61-411, § 61-412, § 61-414 or § 61-415 of this title applies.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-407. Insurance policies and similar contracts.

§§ 61-407. Insurance policies and similar contracts.
(a) Except as otherwise provided in subsection (b) 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.
(b) 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 § 61-403 of this title, loss of profits from a business.
(c) This section does not apply to a contract to which § 61-409 of this title applies.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-408. Insubstantial allocations not required.

§§ 61-408. Insubstantial allocations not required.
If a trustee determines that an allocation between principal and income required by § 61-409, § 61-410, § 61-411, § 61-412 or § 61-415 of this title is insubstantial, the trustee may allocate the entire amount to principal unless 1 of the circumstances described in § 61-104(c) of this title applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in § 61-104(d) of this title and may be released for the reasons and in the manner described in § 61-104(e) of this title. 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-410. Liquidating asset.

§§ 61-410. Liquidating asset.
(a) 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 1 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 § 61-409 of this title, resources subject to § 61-411 of this title, timber subject to § 61-412 of this title, an activity subject to § 61-414 of this title, an asset subject to § 61-415 of this title, or any asset for which the trustee establishes a reserve for depreciation under § 61-503 of this title.
(b) A trustee shall allocate to income 5 percent of the receipts from a liquidating asset and the balance to principal.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-411. Minerals, water and other natural resources.

§§ 61-411. Minerals, water and other natural resources.
(a) 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:
(1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income.
(2) 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.
(3) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus, or delay rental is more than nominal, 95 percent must be allocated to principal and the balance to income.
(4) If an amount is received from a working interest or any other interest not provided for in paragraph (a)(1), (2), or (3) of this section, 95 percent of the net amount received must be allocated to principal and the balance to income.
(b) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, 95 percent of the amount must be allocated to principal and the balance to income.
(c) 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.
(d) If a trust owns an interest in minerals, water, or other natural resources on August 1, 2009, the trustee may allocate receipts from the interest as provided in this chapter or in the manner used by the trustee before August 1, 2009. If the trust acquires an interest in minerals, water, or other natural resources after August 1, 2009, the trustee shall allocate receipts from the interest as provided in the provisions of this chapter.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-412. Timber.

§§ 61-412. Timber.
(a) 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:
(1) 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;
(2) 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;
(3) 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)(1) and (2) of this section; or
(4) to principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to paragraph (a)(1), (2), or (3) of this section.
(b) In determining net receipts to be allocated pursuant to subsection (a) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion.
(c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.
(d) If a trust owns an interest in timberland on August 1, 2009, 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 August 1, 2009. If the trust acquires an interest in timberland after August 1, 2009, the trustee shall allocate net receipts from the sale of timber and related products as provided in the provisions of this chapter.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-413. Property not productive of income.

§§ 61-413. Property not productive of income.
Upon request of the income beneficiary, if the trustee determines that the assets of a trust consist substantially of property that does not provide the income beneficiary with a reasonable income from or use of the trust assets, and that the amounts that the trustee transfers from principal to income under § 61-104 of this title and distributes to the income beneficiary from principal pursuant to the terms of the trust are insufficient to provide the income beneficiary with the beneficial enjoyment of the income interest, the trustee shall make such property productive of income, convert such property within a reasonable time, or exercise the power conferred by § 61-104(a) of this title, as such action or combination of actions are deemed appropriate in the trustee's discretion.
77 Del. Laws, c. 99, §  1;  78 Del. Laws, c. 117, §  16;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-414. Derivatives and options.

§§ 61-414. 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 § 61-403 of this title 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter IV. Allocation of Receipts During Administration of Trust › § 61-415. Asset-backed securities.

§§ 61-415. 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 § 61-401 or § 61-409 of this title 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 1 or more payments in exchange for the trust's entire interest in an asset-backed security in 1 accounting period, the trustee shall allocate the payments to principal. If a payment is 1 of a series of payments that will result in the liquidation of the trust's interest in the security over more than 1 accounting period, the trustee shall allocate 5 percent of the payment to income and the balance to principal.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter V. Allocation of Disbursements During Administration of Trust › § 61-501. Disbursements from income.

§§ 61-501. Disbursements from income.
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which § 61-201(2)(B) or (C) of this title 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter V. Allocation of Disbursements During Administration of Trust › § 61-502. Disbursements from principal.

§§ 61-502. Disbursements from principal.
(a) A trustee shall make the following disbursements from principal:
(1) The remaining 1/2 of the disbursements described in § 61-501(1) and (2) of this title;
(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 § 61-501(4) of this title 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter V. Allocation of Disbursements During Administration of Trust › § 61-503. Transfers from income to principal for depreciation.

§§ 61-503. 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 1 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 § 61-403 of this title 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter V. Allocation of Disbursements During Administration of Trust › § 61-504. Transfers from income to reimburse principal.

§§ 61-504. Transfers from income to reimburse principal.
(a) 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 1 or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.
(b) Principal disbursements to which subsection (a) 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:
(1) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;
(2) 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;
(3) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;
(4) 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
(5) Disbursements described in § 61-502(a)(7) of this title.
(c) 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 (a) of this section.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter V. Allocation of Disbursements During Administration of Trust › § 61-505. Income taxes.

§§ 61-505. Income taxes.
(a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.
(b) 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.
(c) A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:
(1) From income to the extent that receipts from the entity are allocated only to income;
(2) From principal to the extent that receipts from the entity are allocated only to principal;
(3) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and
(4) From principal to the extent that the tax exceeds the total receipts from the entity.
(d) After applying subsections (a) through (c) 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.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter V. Allocation of Disbursements During Administration of Trust › § 61-506. Adjustments between principal and income because of taxes.

§§ 61-506. Adjustments between principal and income because of taxes.
(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:
(1) Elections and decisions, other than those described in subsection (b) of this section, that the fiduciary makes from time to time regarding tax matters;
(2) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or
(3) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.
(b) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter VI. Miscellaneous Provisions › § 61-601. Uniformity of application and construction.

§§ 61-601. Uniformity of application and construction.
In applying and construing subchapters I through V of this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact the Uniform Principal and Income Act.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter VI. Miscellaneous Provisions › § 61-602. Applicability of § 61-409 of this title.

§§ 61-602. Applicability of § 61-409 of this title.
Section 61-409 of this title applies to a trust described in § 61-409(d) of this title on and after the following dates:
(1) If the trust is not funded as of the effective date of this chapter, that is, August 1, 2009, the date of decedent's death.
(2) If the trust is initially funded in the calendar year beginning January 1, 2009, the date of the decedent's death.
(3) If the trust is not described in paragraph (1) or (2) of this section, January 1, 2009.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter VI. Miscellaneous Provisions › § 61-603. Accounts with register of wills not affected.

§§ 61-603. Accounts with register of wills not affected.
Nothing in this chapter shall be construed to effect or change the form of accounting required under § 2301 of this title.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter VI. Miscellaneous Provisions › § 61-604. Certain charitable remainder unitrusts.

§§ 61-604. Certain charitable remainder unitrusts.
(a) Notwithstanding any contrary provision of the chapter, if the trust instrument adopts the provisions of this section by reference, an increase in the value of the following investments owned by a charitable remainder unitrust of the type authorized in § 664(d)(3) of the Internal Revenue Code (26 U.S.C. § 664(d)(3)) or any successor provision thereof, is distributable as income when it becomes available for distribution:
(1) A zero coupon bond:
(2) An annuity contract before annuitization;
(3) A life insurance contract before the death of the insured;
(4) An interest in a common trust fund (as defined in § 584 of the Internal Revenue Code (26 U.S.C. § 584) or any successor provision thereof);
(5) An interest in a partnership, a limited liability company, or a statutory trust (as any of those terms may be described in § 7701 of the Internal Revenue Code (26 U.S.C § 7701) or any successor provision thereof), including any partnership, limited liability company, or statutory trust that is a disregarded entity for federal income tax purposes; or
(6) Any other obligation for the payment of money that is payable at a future time in accordance with the a fixed, variable or discretionary schedule of appreciation in excess of the price at which it was issued.
(b) For purposes of this section the increase in value of an investment described in subsection (a) of this section is available for distribution only when the trustee receives cash on account of the investment. Any trust instrument executed prior to June 30, 1997, that incorporates by reference the provisions of former subsection (c) of this section, which existed prior to amendment effective June 30, 1997, shall be deemed to have incorporated by reference this subsection.
77 Del. Laws, c. 99, §  1;  84 Del. Laws, c. 182, § 11;
2023 Delaware Code › Title 12 - Decedents' Estates and Fiduciary Relations › Chapter 61. DELAWARE UNIFORM PRINCIPAL AND INCOME ACT › Subchapter VI. Miscellaneous Provisions › § 61-605. Trusts governed by this act.

§§ 61-605. Trusts governed by this act.
This chapter shall apply to any trust that is administered in Delaware under Delaware law or to any trust, wherever administered, whose governing instrument provides that the construction or administration of the trust be governed by Delaware law.
77 Del. Laws, c. 99, §  1;
2023 Delaware Code › Title 13 - Domestic Relations › Chapter 1. MARRIAGE › Subchapter I. General Provisions › § 102. Entering into a prohibited marriage; penalty.

§ 102. Entering into a prohibited marriage; penalty.
The guilty party or parties to a marriage prohibited by § 101 of this title shall be fined $100, and in default of the payment of the fine shall be imprisoned not more than 30 days.
Code 1852, §§  1435-1437;  27 Del. Laws, c. 261, §  1;  Code 1915, §  2992;  32 Del. Laws, c. 182, §  1;  Code 1935, §  3485;  13 Del. C. 1953, §  102;
2023 Delaware Code › Title 13 - Domestic Relations › Chapter 1. MARRIAGE › Subchapter I. General Provisions › § 103. Issuing license for or solemnizing prohibited marriage; penalty.

§ 103. Issuing license for or solemnizing prohibited marriage; penalty.
Whoever, being authorized to issue a marriage license, knowingly or wilfully issues a license for a marriage prohibited by this chapter or, being authorized to solemnize a marriage, knowingly or wilfully assists in the contracting or solemnizing of a prohibited marriage, shall be fined $100, and in default of the payment of such fine shall be imprisoned not more than 30 days.
Code 1852, §§  1435-1437;  27 Del. Laws, c. 261, §  1;  Code 1915, §  2992;  32 Del. Laws, c. 182, §  1;  Code 1935, §  3485;  13 Del. C. 1953, §  103;
2023 Delaware Code › Title 13 - Domestic Relations › Chapter 1. MARRIAGE › Subchapter I. General Provisions › § 104. Entering into prohibited marriage outside the State; penalty.

§ 104. Entering into prohibited marriage outside the State; penalty.
If a marriage prohibited by this chapter is contracted or solemnized outside of the State, when the legal residence of either party to the marriage is in this State, and the parties thereto shall afterwards live and cohabit as spouses within the State, they shall be punished in the same manner as though the marriage had been contracted in this State.
27 Del. Laws, c. 261, §  1;  Code 1915, §  2992;  32 Del. Laws, c. 182, §  1;  Code 1935, §  3485;  13 Del. C. 1953, §  104;  70 Del. Laws, c. 186, §  1;
2023 Delaware Code › Title 13 - Domestic Relations › Chapter 1. MARRIAGE › Subchapter I. General Provisions › § 105. Status of children of prohibited marriages.

§ 105. Status of children of prohibited marriages.
Children of void or voidable marriages shall be deemed to be legitimate.
27 Del. Laws, c. 261, §  1;  Code 1915, §  2992;  32 Del. Laws, c. 182, §  1;  Code 1935, §  3485;  13 Del. C. 1953, §  105;
2023 Delaware Code › Title 13 - Domestic Relations › Chapter 1. MARRIAGE › Subchapter I. General Provisions › § 107. Marriage licenses; obtaining and delivery.

§ 107. Marriage licenses; obtaining and delivery.
(a) Persons intending to be married within this State shall obtain a marriage license at least 24 hours prior to the time of the ceremony.
(b) The license must be delivered to the person who is to officiate before the marriage can be lawfully performed. If the marriage is to be performed by or before any religious society, the license shall be delivered to the religious society or any officer thereof who is duly qualified according to § 106 of this title.
(c) A marriage license issued pursuant to this chapter shall entitle the parties thereto, subject to the other provisions of this chapter, to marry within 30 days from the date of its issuance. In the event the marriage ceremony is not performed within 30 days, said license shall be void and the parties must reapply to the appropriate issuing officer for another license to marry. No refund or rebate shall be given for the unused license, nor shall said license be reinstated or postdated. The procedure to secure another license shall be the same as that provided for the initial application.
(d) The Clerk of the Peace in each county for good cause being shown may:
(1) Shorten the time periods specified in subsection (a) of this section; or
(2) Lengthen the time period specified in subsection (c) of this section not to exceed 180 days.
27 Del. Laws, c. 261, §  3;  Code 1915, §  2994;  32 Del. Laws, c. 182, §  1;  Code 1935, §  3487;  13 Del. C. 1953, §  107;  53 Del. Laws, c. 136;  63 Del. Laws, c. 21, §  3;  71 Del. Laws, c. 289, §  1;  76 Del. Laws, c. 63, §  1;
2023 Delaware Code › Title 13 - Domestic Relations › Chapter 1. MARRIAGE › Subchapter I. General Provisions › § 108. Fee for issuing marriage licenses; prohibition of other charges.

§ 108. Fee for issuing marriage licenses; prohibition of other charges.
Clerks of the peace shall issue marriage licenses for $10 each, $4.00 of which shall be deposited by the clerks of the peace with the Department of Health and Social Services for each license delivered to the various clerks of the peace to defray the costs of the various forms and certificates required by this chapter. No charge shall be made for investigation to establish the validity of any papers required of certain applicants for marriage licenses under this chapter, nor shall any person in this State make any charge for the execution of any papers required under this chapter, except that this shall not be construed to prohibit a charge for the execution of any affidavits that are required under this chapter, and except that a charge may be made for the marriage license as provided in this chapter.
27 Del. Laws, c. 261, §  4;  Code 1915, §  2995;  32 Del. Laws, c. 182, §  1;  34 Del. Laws, c. 195, §  1;  Code 1935, §  3488;  13 Del. C. 1953, §  108;  54 Del. Laws, c. 126, §  2;  58 Del. Laws, c. 357, §  1;  63 Del. Laws, c. 220, §§  1, 2;  70 Del. Laws, c. 149, §  8;