reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2725 - Accounts and transfers nontestamentary.

30-2725.
Accounts and transfers nontestamentary.
Except as provided in sections 30-2313 to 30-2319 (elective share of surviving spouse) or as a consequence of, and to the extent directed by, section 30-2726, a transfer resulting from the application of section 30-2723 is effective by reason of the terms of the account involved and sections 30-2716 to 30-2733 and is not testamentary or subject to sections 30-2201 to 30-2512 (estate administration).
Source
Laws 1993, LB 250, § 11.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2726 - Rights of creditors and others.

30-2726.
Rights of creditors and others.
(a) If other assets of the estate are insufficient, a transfer resulting from a right of survivorship or POD designation under sections 30-2716 to 30-2733 is not effective against the estate of a deceased party to the extent needed to pay claims against the estate, statutory allowances to the surviving spouse and children, taxes, and expenses of administration.
(b) A surviving party or beneficiary who receives payment from an account after death of a party is liable to account to the personal representative of the decedent for a proportionate share of the amount received to which the decedent, immediately before death, was beneficially entitled under section 30-2722, to the extent necessary to discharge the amounts described in subsection (a) of this section remaining unpaid after application of the decedent's estate. A proceeding to assert the liability for claims against the estate and statutory allowances may not be commenced unless the personal representative has received a written demand by the surviving spouse, a creditor, a child, or a person acting for a child of the decedent. The proceeding must be commenced within one year after death of the decedent.
(c) A surviving party or beneficiary under sections 30-2716 to 30-2733 against whom a proceeding to account is brought may join as a party to the proceeding a surviving party or beneficiary of any other account of the decedent or a surviving owner or beneficiary under sections 30-2734 to 30-2745 of any securities or securities account of the decedent or proceeds thereof.
(d) Sums recovered by the personal representative must be administered as part of the decedent's estate. This section does not affect the protection from claims of the personal representative or estate of a deceased party provided in section 30-2732 for a financial institution that makes payment in accordance with the terms of the account.
Source
Laws 1993, LB 250, § 12.
Annotations
The purpose of this section is to alert the personal representative of the need to recover nonprobate assets and to trigger the personal representative's duty and authority to initiate proceedings to do so. In re Estate of Lorenz, 292 Neb. 543, 873 N.W.2d 396 (2016).
This section protects the beneficiaries of such nonprobate assets from incurring liability for claims made against the estate more than 1 year after the death of the decedent. In re Estate of Lorenz, 292 Neb. 543, 873 N.W.2d 396 (2016).
This section requires more than notice—it requires a written demand upon the personal representative before a proceeding to recover nonprobate assets may be commenced. In re Estate of Lorenz, 292 Neb. 543, 873 N.W.2d 396 (2016).
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2727 - Authority of financial institution.

30-2727.
Authority of financial institution.
A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.
Source
Laws 1993, LB 250, § 13.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2728 - Payment on multiple-party account.

30-2728.
Payment on multiple-party account.
A financial institution, on request, may pay sums on deposit in a multiple-party account to:
(1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when payment is requested and whether or not the party making the request survives another party; or
(2) the personal representative, if any, or, if there is none, the heirs or devisees of a deceased party in accordance with sections 30-24,125 and 30-24,126 if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary, unless the account is without right of survivorship under section 30-2723.
Source
Laws 1993, LB 250, § 14.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2729 - Payment on POD designation.

30-2729.
Payment on POD designation.
A financial institution, on request, may pay sums on deposit in an account with a POD designation to:
(1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party;
(2) the beneficiary or beneficiaries, if proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties; or
(3) the personal representative, if any, or, if there is none, the heirs or devisees of a deceased party, if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary.
Source
Laws 1993, LB 250, § 15.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2730 - Payment to designated agent.

30-2730.
Payment to designated agent.
Subject to the provisions of section 30-2732, a financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party is disabled, incapacitated, or deceased when the request is made or received, and whether or not the authority of the agent terminates on the disability or incapacity of a party.
Source
Laws 1993, LB 250, § 16.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2731 - Payment to minor.

30-2731.
Payment to minor.
If a financial institution is required or permitted to make payment pursuant to sections 30-2716 to 30-2733 to a minor designated as a beneficiary, payment may be made pursuant to the Nebraska Uniform Transfers to Minors Act or pursuant to any other laws of this state.
Source
Laws 1993, LB 250, § 17.
Cross References
Nebraska Uniform Transfers to Minors Act, see section 43-2701.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2732 - Discharge.

30-2732.
Discharge.
(a) Payment made pursuant to sections 30-2716 to 30-2733 in accordance with the type of account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors. Payment may be made whether or not a party, beneficiary, or agent is disabled, incapacitated, or deceased when payment is requested, received, or made.
(b) Protection under this section does not extend to payments made after a financial institution has received written notice from a party, or from the personal representative, surviving spouse, or heir or devisee of a deceased party, to the effect that payments in accordance with the terms of the account, including one having an agency designation, should not be permitted, and the financial institution has had a reasonable opportunity to act on it when the payment is made. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in a request for payment if the financial institution is to be protected under this section. Unless a financial institution has been served with process in an action or proceeding, no other notice or other information shown to have been available to the financial institution affects its right to protection under this section.
(c) A financial institution that receives written notice pursuant to this section or otherwise has reason to believe that a dispute exists as to the rights of the parties may refuse, without liability, to make payments in accordance with the terms of the account.
(d) Protection of a financial institution under this section does not affect the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of sums on deposit in accounts or payments made from accounts.
Source
Laws 1993, LB 250, § 18.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2733 - Setoff.

30-2733.
Setoff.
Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to setoff against the account. The amount of the account subject to setoff is the proportion to which the party is, or immediately before death was, beneficially entitled under section 30-2722 or, in the absence of proof of that proportion, an equal share with all parties.
Source
Laws 1993, LB 250, § 19.
Annotations
A bank has no right of setoff against the beneficial interest contributed by a nondebtor depositor. Where there is a joint account and proof of net contributions, the amount subject to setoff by the bank is determined by a party's net contribution. Craig v. Hastings State Bank, 221 Neb. 746, 380 N.W.2d 618 (1986).
If a person has the right to withdraw funds from a joint account and is indebted to the bank where the account is maintained, the bank has a right of setoff against such indebtedness. Craig v. Hastings State Bank, 221 Neb. 746, 380 N.W.2d 618 (1986).
This section is subject to agreements between a bank and its depositor. A bank may define by contract with its depositor the extent of its power of setoff. Uttecht v. Norwest Bank of Norfolk, 221 Neb. 222, 376 N.W.2d 11 (1985).
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2734 - Definitions.

30-2734.
Definitions.
In sections 30-2734 to 30-2745:
(1) Beneficiary form means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.
(2) Business means a corporation, partnership, limited liability company, limited partnership, limited liability partnership, or any other legal or commercial entity.
(3) Register, including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.
(4) Registering entity means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
(5) Security means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, and a security account.
(6) Security account means (i) a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death, (ii) an investment management or custody account with a trust company or a trust department of a bank with trust powers, including the securities in the account, a cash balance in the account, and cash, cash equivalents, interest, earnings, or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death, or (iii) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.
(7) The words transfer on death or the abbreviation TOD and the words pay on death or the abbreviation POD are used without regard for whether the subject is a money claim against an insurer, such as its own note or bond for money loaned, or is a claim to securities evidenced by conventional title documentation.
Source
Laws 1993, LB 250, § 20;
Laws 2004, LB 999, § 23;
Laws 2017, LB138, § 1.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2735 - Registration in beneficiary form; sole or joint tenancy ownership.

30-2735.
Registration in beneficiary form; sole or joint tenancy ownership.
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
Source
Laws 1993, LB 250, § 21.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2736 - Registration in beneficiary form; applicable law.

30-2736.
Registration in beneficiary form; applicable law.
A security may be registered in beneficiary form if the form is authorized by sections 30-2734 to 30-2745 or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration, or by sections 30-2734 to 30-2745 or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which sections 30-2735 to 30-2745 or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
Source
Laws 1993, LB 250, § 22.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2737 - Registration in beneficiary form; when.

30-2737.
Registration in beneficiary form; when.
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
Source
Laws 1993, LB 250, § 23.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2738 - Form of registration in beneficiary form.

30-2738.
Form of registration in beneficiary form.
Registration in beneficiary form may be shown by the words transfer on death or the abbreviation TOD, or by the words pay on death or the abbreviation POD, after the name of the registered owner and before the name of a beneficiary.
Source
Laws 1993, LB 250, § 24.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2739 - Effect of registration in beneficiary form.

30-2739.
Effect of registration in beneficiary form.
The designation of a TOD or POD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary.
Source
Laws 1993, LB 250, § 25.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2740 - Ownership on death of owner.

30-2740.
Ownership on death of owner.
On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
Source
Laws 1993, LB 250, § 26.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2741 - Protection of registering entity.

30-2741.
Protection of registering entity.
(a) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by sections 30-2734 to 30-2745.
(b) By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in sections 30-2734 to 30-2745.
(c) A registering entity is discharged from all claims to a security by the estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer of the security in accordance with section 30-2740 and does so in good faith reliance (i) on the registration, (ii) on sections 30-2734 to 30-2745, and (iii) on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or other information available to the registering entity. The protections of sections 30-2734 to 30-2745 do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under sections 30-2734 to 30-2745.
(d) The protection provided by sections 30-2734 to 30-2745 to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
Source
Laws 1993, LB 250, § 27.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2742 - Nontestamentary transfer on death.

30-2742.
Nontestamentary transfer on death.
(a) Subject to section 30-2333, a transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and sections 30-2734 to 30-2745 and is not testamentary.
(b) Sections 30-2734 to 30-2745 do not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.
Source
Laws 1993, LB 250, § 28;
Laws 2017, LB517, § 5.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2743 - Transfer; when not effective.

30-2743.
Transfer; when not effective.
(a) If other assets of the estate are insufficient, a transfer resulting from a right of survivorship, POD designation or TOD registration under sections 30-2734 to 30-2745 is not effective against the estate of a deceased owner to the extent needed to pay claims against the estate, statutory allowances to the surviving spouse and children, taxes, and expenses of administration.
(b) A surviving owner or beneficiary who receives registered or reregistered securities or securities accounts or proceeds thereof after the death of a party is liable to account to the personal representative of the decedent for a proportionate share of the amount received to which the decedent, immediately before death, was beneficially entitled, to the extent necessary to discharge the amounts described in subsection (a) of this section remaining unpaid after application of the decedent's estate. A proceeding to assert the liability for claims against the estate and statutory allowances may not be commenced unless the personal representative has received a written demand by the surviving spouse, a creditor, a child, or a person acting for a child of the decedent. The proceeding must be commenced within one year after the death of the decedent.
(c) A surviving owner or beneficiary against whom a proceeding to account is brought may join as a party to the proceeding a surviving owner or beneficiary under sections 30-2734 to 30-2745 of any other security or securities account of the decedent or proceeds thereof or a surviving party or beneficiary of any account under sections 30-2716 to 30-2733.
(d) Sums recovered by the personal representative must be administered as a part of the decedent's estate. This section does not affect the protection from claims of the personal representative or estate of a deceased owner provided in section 30-2741 for an issuer or registering entity that makes payment in accordance with the terms of the security registration.
Source
Laws 1993, LB 250, § 29.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2744 - Terms, conditions, and forms for registration.

30-2744.
Terms, conditions, and forms for registration.
(a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (i) for registrations in beneficiary form, and (ii) for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for lineal descendants per stirpes. This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
(b) The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(1) Sole owner-sole beneficiary: John S Brown TOD (or POD) John S Brown Jr.
(2) Multiple owners-sole beneficiary: John S Brown Mary B Brown JT TEN TOD John S Brown Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S Brown Mary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown
or
John S Brown Mary B Brown JT TEN TOD John S Brown Jr LDPS.
Source
Laws 1993, LB 250, § 30.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2745 - Application of sections.

30-2745.
Application of sections.
Sections 30-2734 to 30-2745 apply to registrations of securities in beneficiary form made before, on, or after September 9, 1993, by decedents dying on or after such date.
Source
Laws 1993, LB 250, § 31.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2746 - Sections, how construed.

30-2746.
Sections, how construed.
Sections 30-2715 to 30-2746 shall be so construed as to effectuate their general purpose to make uniform the law of those states which enact them.
Source
Laws 1993, LB 250, § 32.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2901 - Time for taking effect; provisions for transition.

30-2901.
Time for taking effect; provisions for transition.
(a) This code shall become operative on January 1, 1977.
(b) Except as provided elsewhere in this code, on the operative date of this code:
(1) the code applies to any wills of decedents dying thereafter;
(2) the code applies to any proceedings in court then pending or thereafter commenced regardless of the time of the death of decedent except to the extent that in the opinion of the court the former procedure should be made applicable in a particular case in the interest of justice or because of infeasibility of application of the procedure of this code;
(3) every personal representative including a person administering an estate of a minor or incompetent holding an appointment on that date, continues to hold the appointment but has only the powers conferred by this code and is subject to the duties imposed with respect to any act occurring or done thereafter;
(4) an act done before the operative date in any proceeding and any accrued right is not impaired by this code. If a right is acquired, extinguished or barred upon the expiration of a prescribed period of time which has commenced to run by the provisions of any statute before the operative date, the provisions shall remain in force with respect to that right.
Source
Laws 1974, LB 354, § 314, UPC § 8-101.
Annotations
The new code applies to any wills of decedents dying subsequent to the effective date of code. In re Estate of Florey, 212 Neb. 665, 325 N.W.2d 643 (1982).
This provision makes it clear that estates filed for probate after the effective date of the 1977 Nebraska Probate Code are governed by the provisions of the 1977 Nebraska Probate Code. Jacobson v. Nemesio, 204 Neb. 180, 281 N.W.2d 552 (1979).
Under this provision, the statute of limitations of the old probate code would have barred this action in Nebraska courts. Therefor, the action against the estate is also barred in federal court after the statute has run. Greyhound Lines v. Lexington State Bank & Trust, 604 F.2d 1151 (8th Cir. 1979).
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-2902 - Terms, defined; Revisor of Statutes; duties.

30-2902.
Terms, defined; Revisor of Statutes; duties.
Whenever in the statutes of Nebraska, unless the context otherwise requires:
(1) The term incompetent person or words of similar import occur they shall be taken to mean and apply to incapacitated person or incompetent person as used in this code; and
(2) The term guardian shall be taken to mean and include guardian or conservator as used in this code.
The Revisor of Statutes shall make corrections in the statutes necessitated by this section.
Source
Laws 1974, LB 354, § 315;
Laws 1986, LB 1177, § 12.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3001 - Decedent's estate; all or any part to state; notice to Attorney General.

30-3001.
Decedent's estate; all or any part to state; notice to Attorney General.
Whenever, upon the filing of a petition for probate or administration or thereafter in the administration of any estate, it shall appear that all or any part of the estate is bequeathed or devised or will escheat to the State of Nebraska, the county judge shall, before the appointment of a personal representative, notify the Attorney General of Nebraska by mail of the pendency of such administration and of the probable interests of the state.
Source
Laws 1978, LB 863, § 1.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3116 - Act, how cited.

30-3116.
Act, how cited.
Sections 30-3116 to 30-3149 shall be known and may be cited as the Uniform Principal and Income Act.
Source
Laws 2001, LB 56, § 1;
Laws 2005, LB 533, § 33;
Laws 2009, LB80, § 1.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3117 - Definitions.

30-3117.
Definitions.
For purposes of the Uniform Principal and Income Act:
(1) Accounting period means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends.
(2) Beneficiary includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.
(3) Fiduciary means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.
(4) 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 sections 30-3127 to 30-3141.
(5) Income beneficiary means a person to whom net income of a trust is or may be payable.
(6) Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.
(7) Mandatory income interest means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.
(8) Net income means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under the act to or from income during the period.
(9) Person means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity.
(10) Principal means property held in trust for distribution to a remainder beneficiary when the trust terminates.
(11) Qualified beneficiary has the same meaning as in section 30-3803.
(12) Remainder beneficiary means a person entitled to receive principal when an income interest ends.
(13) Terms of a trust means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.
(14) Total return trust means a trust that is converted to a total return trust pursuant to section 30-3119.01 or a trust the terms of which manifest the settlor's intent that the trustee will administer the trust in accordance with subsection (4) of section 30-3119.01.
(15) Trustee includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
Source
Laws 2001, LB 56, § 2;
Laws 2005, LB 533, § 34.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3118 - Fiduciary duties; general principles.

30-3118.
Fiduciary duties; general principles.
(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 30-3122 to 30-3126, a fiduciary:
(1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in the Uniform Principal and Income Act;
(2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by the act, and no inference that the fiduciary has abused its discretion arises solely from the fact that the fiduciary has exercised an express power given to the fiduciary by the terms of the trust or the will;
(3) shall administer a trust or estate in accordance with the act if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and
(4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and the act do not provide a rule for allocating the receipt or disbursement to or between principal and income.
(b) In exercising the power to adjust under subsection (a) of section 30-3119 or a discretionary power of administration regarding a matter within the scope of the act, whether granted by the terms of a trust, a will, or the act, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with the act is presumed to be fair and reasonable to all of the beneficiaries.
Source
Laws 2001, LB 56, § 3.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3121 - Proposed action; notice; objections.

30-3121.
Proposed action; notice; objections.
(a) A trustee may give a notice of proposed action regarding a matter governed by the Uniform Principal and Income Act as provided in this section. For purposes of this section, a proposed action includes a course of action and a decision not to take action.
(b) The trustee shall mail notice of the proposed action to all adult beneficiaries who are receiving, or are entitled to receive, income under the trust or to receive a distribution of principal if the trust were terminated at the time the notice is given.
(c) Notice of proposed action need not be given to any person who consents in writing to the proposed action. The consent may be executed at any time before or after the proposed action is taken.
(d) The notice of proposed action shall state that it is given pursuant to this section and shall state all of the following:
(1) the name and mailing address of the trustee;
(2) the name and telephone number of a person who may be contacted for additional information;
(3) a description of the action proposed to be taken and an explanation of the reasons for the action;
(4) the time within which objections to the proposed action may be made, which shall be at least thirty days from the mailing of the notice of proposed action; and
(5) the date on or after which the proposed action may be taken or is effective.
(e) A beneficiary may object to the proposed action by mailing a written objection to the trustee at the address stated in the notice of proposed action within the time period specified in the notice of proposed action.
(f) A trustee is not liable to a beneficiary for an action regarding a matter governed by the act if the trustee does not receive a written objection to the proposed action from the beneficiary within the applicable period and the other requirements of this section are satisfied. If no beneficiary entitled to notice objects under this section, the provisions of section 30-3120 shall not apply and the trustee is not liable to any current or future beneficiary with respect to the proposed action.
(g) If the trustee receives a written objection within the applicable period, either the trustee or a beneficiary may petition the court to have the proposed action taken as proposed, taken with modifications, or denied. In the proceeding, a beneficiary objecting to the proposed action has the burden of proving that the trustee's proposed action should not be taken. A beneficiary who has not objected is not estopped from opposing the proposed action in the proceeding. If the trustee decides not to take the proposed action, the trustee shall notify the beneficiaries of the decision not to take the action and the reasons for the decision, and the trustee's decision not to take the proposed action does not itself give rise to liability to any current or future beneficiary. A beneficiary may petition the court to have the action taken and has the burden of proving that it should be taken.
Source
Laws 2001, LB 56, § 6.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3123 - Distribution to residuary and remainder beneficiaries.

30-3123.
Distribution to residuary and remainder beneficiaries.
(a) Each beneficiary described in subdivision (4) of section 30-3122 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 one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one 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.
Source
Laws 2001, LB 56, § 8.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3124 - When right to income begins and ends.

30-3124.
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.
Source
Laws 2001, LB 56, § 9.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3125 - Apportionment of receipts and disbursements when decedent dies or income interest begins.

30-3125.
Apportionment of receipts and disbursements when decedent dies or income interest begins.
(a) A trustee shall allocate an income receipt or disbursement other than one to which subdivision (1) of section 30-3122 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 the Uniform Principal and Income Act. Distributions to shareholders or other owners from an entity to which section 30-3127 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.
Source
Laws 2001, LB 56, § 10.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3126 - Apportionment when income interest ends.

30-3126.
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 five 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.
Source
Laws 2001, LB 56, § 11.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3127 - Character of receipts.

30-3127.
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, or any other organization in which a trustee has an interest other than a trust or estate to which section 30-3128 applies, a business or activity to which section 30-3129 applies, or an asset-backed security to which section 30-3141 applies.
(b) Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.
(c) A trustee shall allocate the following receipts from an entity to principal:
(1) property other than money;
(2) money received in one 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) 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 twenty 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 subdivision (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 at or near the time of distribution 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.
Source
Laws 2001, LB 56, § 12.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3128 - Distribution from trust or estate.

30-3128.
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, section 30-3127 or 30-3141 applies to a receipt from the trust.
Source
Laws 2001, LB 56, § 13.