reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3129 - Business and other activities conducted by trustee.

30-3129.
Business and other activities conducted by trustee.
(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 section 30-3140 applies.
Source
Laws 2001, LB 56, § 14.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3130 - Principal receipts.

30-3130.
Principal receipts.
A trustee shall allocate to principal:
(1) to the extent not allocated to income under the Uniform Principal and Income Act, 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 sections 30-3127 to 30-3141;
(3) amounts recovered from third parties to reimburse the trust because of disbursements described in subdivision (a)(7) of section 30-3143 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 sections 30-3134 to 30-3141.
Source
Laws 2001, LB 56, § 15.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3131 - Rental property.

30-3131.
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.
Source
Laws 2001, LB 56, § 16.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3132 - Obligation to pay money.

30-3132.
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 one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income.
(c) This section does not apply to an obligation to which section 30-3135, 30-3136, 30-3137, 30-3138, 30-3140, or 30-3141 applies.
Source
Laws 2001, LB 56, § 17.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3133 - Insurance policies and similar contracts.

30-3133.
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 section 30-3129, loss of profits from a business.
(c) This section does not apply to a contract to which section 30-3135 applies.
Source
Laws 2001, LB 56, § 18.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3134 - Insubstantial allocations not required.

30-3134.
Insubstantial allocations not required.
If a trustee determines that an allocation between principal and income required by section 30-3135, 30-3136, 30-3137, 30-3138, or 30-3141 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in subsection (c) of section 30-3119 applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in subsection (d) of section 30-3119 and may be released for the reasons and in the manner described in subsection (e) of section 30-3119. 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 ten percent; or
(2) the value of the asset producing the receipt for which the allocation would be made is less than ten percent of the total value of the trust's assets at the beginning of the accounting period.
Source
Laws 2001, LB 56, § 19.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3135.01 - Trust; marital deduction; when provisions applicable.

30-3135.01.
Trust; marital deduction; when provisions applicable.
Section 30-3135, as amended by Laws 2009, LB 80, applies to a trust described in subsection (d) of section 30-3135 on and after the following dates:
(1) If the trust is not funded as of February 27, 2009, the date of the 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; or
(3) If the trust is not described in subdivision (1) or (2) of this section, January 1, 2009.
Source
Laws 2009, LB80, § 4.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3136 - Liquidating asset.

30-3136.
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 one year under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to section 30-3135, resources subject to section 30-3137, timber subject to section 30-3138, an activity subject to section 30-3140, an asset subject to section 30-3141, or any asset for which the trustee establishes a reserve for depreciation under section 30-3144.
(b) A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal.
Source
Laws 2001, LB 56, § 21.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3137 - Minerals, water, and other natural resources.

30-3137.
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, ninety 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 subdivision (1), (2), or (3) of this subsection, ninety 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, ninety percent of the amount must be allocated to principal and the balance to income.
(c) The Uniform Principal and Income Act 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 September 1, 2001, the trustee may allocate receipts from the interest as provided in the act or in the manner used by the trustee before September 1, 2001. If the trust acquires an interest in minerals, water, or other natural resources after September 1, 2001, the trustee shall allocate receipts from the interest as provided in the act.
Source
Laws 2001, LB 56, § 22.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3138 - Timber.

30-3138.
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 subdivisions (1) and (2) of this subsection; or
(4) to principal to the extent that advance payments, bonuses, and other payments are not allocated pursuant to subdivision (1), (2), or (3) of this subsection.
(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) The Uniform Principal and Income Act 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 September 1, 2001, the trustee may allocate net receipts from the sale of timber and related products as provided in the act or in the manner used by the trustee before September 1, 2001. If the trust acquires an interest in timberland after September 1, 2001, the trustee shall allocate net receipts from the sale of timber and related products as provided in the act.
Source
Laws 2001, LB 56, § 23.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3139 - Property not productive of income.

30-3139.
Property not productive of income.
(a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under section 30-3119 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by subsection (a) of section 30-3119. The trustee may decide which action or combination of actions to take.
(b) In cases not governed by subsection (a) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.
Source
Laws 2001, LB 56, § 24.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3140 - Derivatives and options.

30-3140.
Derivatives and options.
(a) In this section, derivative means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.
(b) To the extent that a trustee does not account under section 30-3129 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.
Source
Laws 2001, LB 56, § 25.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3141 - Asset-backed securities.

30-3141.
Asset-backed securities.
(a) In this section, asset-backed security means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which section 30-3127 or 30-3135 applies.
(b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.
(c) If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate ten percent of the payment to income and the balance to principal.
Source
Laws 2001, LB 56, § 26.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3142 - Disbursements from income.

30-3142.
Disbursements from income.
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subdivision (2)(B) or (C) of section 30-3122 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.
Source
Laws 2001, LB 56, § 27.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3143 - Disbursements from principal.

30-3143.
Disbursements from principal.
(a) A trustee shall make the following disbursements from principal:
(1) the remaining one-half of the disbursements described in subdivisions (1) and (2) of section 30-3142;
(2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale;
(3) payments on the principal of a trust debt;
(4) expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;
(5) premiums paid on a policy of insurance not described in subdivision (4) of section 30-3142 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.
Source
Laws 2001, LB 56, § 28.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3144 - Transfers from income to principal for depreciation.

30-3144.
Transfers from income to principal for depreciation.
(a) In this section, depreciation means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.
(b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:
(1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;
(2) during the administration of a decedent's estate; or
(3) under this section if the trustee is accounting under section 30-3129 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.
Source
Laws 2001, LB 56, § 29.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3145 - Transfers from income to reimburse principal.

30-3145.
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 one 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 subdivision (a)(7) of section 30-3143.
(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.
Source
Laws 2001, LB 56, § 30.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3146 - Income taxes.

30-3146.
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 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.
Source
Laws 2001, LB 56, § 31;
Laws 2009, LB80, § 3.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3147 - Adjustments between principal and income because of taxes.

30-3147.
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.
Source
Laws 2001, LB 56, § 32.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3148 - Uniformity of application and construction.

30-3148.
Uniformity of application and construction.
In applying and construing the Uniform Principal and Income Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Source
Laws 2001, LB 56, § 33.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3149 - Application of act to existing trusts and estates.

30-3149.
Application of act to existing trusts and estates.
The Uniform Principal and Income Act applies to every trust or decedent's estate existing on September 1, 2001, except as otherwise expressly provided in the will or terms of the trust or in the act.
Source
Laws 2001, LB 56, § 34.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3201 - Investment of funds; prudent investor rule.

30-3201.
Investment of funds; prudent investor rule.
Except as may be otherwise provided in section 8-318, or otherwise provided by law or by the instrument creating the fiduciary relationship involved, each and every trustee, guardian, conservator, executor, or administrator, whether appointed by the courts of this state, or acting under authority other than a court appointment, having funds for investment shall comply with the prudent investor rule set forth in sections 30-3883 to 30-3889.
Source
Laws 1933, c. 64, § 1, p. 299;
Laws 1935, c. 68, § 1, p. 245;
Laws 1937, c. 60, § 1, p. 237;
C.S.Supp.,1941, § 27-601;
Laws 1943, c. 66, § 1, p. 242;
R.S.1943, § 24-601;
Laws 1945, c. 56, § 1, p. 243;
Laws 1947, c. 79, § 1, p. 248;
Laws 1953, c. 67, § 2, p. 213;
Laws 1955, c. 82, § 1, p. 238;
Laws 1959, c. 263, § 9, p. 931;
Laws 1963, c. 134, § 1, p. 505;
Laws 1965, c. 113, § 1, p. 438;
Laws 1975, LB 481, § 8;
R.S.1943, (1985), § 24-601;
Laws 1997, LB 54, § 18;
Laws 2003, LB 130, § 134.
Annotations
Inherent jurisdiction of district court over trusts conferred by the Constitution is not affected by this section. John A. Creighton Home v. Waltman, 140 Neb. 3, 299 N.W. 261 (1941).
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3202 - Sections; applicability.

30-3202.
Sections; applicability.
Sections 30-3201 and 30-3207 shall apply to fiduciary relationships now in existence or hereafter established.
Source
Laws 1953, c. 67, § 3, p. 218;
R.S.1943, (1985), § 24-601.02.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3203 - Section; applicability.

30-3203.
Section; applicability.
Section 30-3201 shall apply to fiduciary relationships whether now in existence or established after November 18, 1965.
Source
Laws 1965, c. 113, § 2, p. 438;
R.S.1943, (1985), § 24-601.03.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3204 - Securities received by fiduciary; investments authorized.

30-3204.
Securities received by fiduciary; investments authorized.
Trust funds received by administrators, executors, trustees or guardians may be kept invested in the securities received by them unless it shall be otherwise ordered by the court of appointment or unless the instrument under which such trust was created shall direct that a change of investments shall be made, and they shall not be liable for any loss that may occur through the depreciation of such securities. The provisions of this section and section 30-3201 shall in no manner affect the right of fiduciaries to continue the investments existing before August 9, 1933, that do not conform to the standards contained in said sections, but any investments so held that do conform, or subsequently acquired under the provisions of said sections may be continued notwithstanding changes in conditions of the security or the obligor that would render such securities ineligible for further investments.
Source
Laws 1933, c. 64, § 2, p. 300;
C.S.Supp.,1941, § 27-602;
R.S.1943, § 24-602;
R.S.1943, (1985), § 24-602.
Annotations
This section is not applicable where the will directs that securities of deceased be converted into cash. Bates v. Scottsbluff Nat. Bank, 190 Neb. 456, 209 N.W.2d 165 (1973).
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3207 - Bank or trust company; common trust funds authorized; investments; conditions.

30-3207.
Bank or trust company; common trust funds authorized; investments; conditions.
Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries, and may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to such investment.
Source
Laws 1953, c. 67, § 1, p. 212;
R.S.1943, (1985), § 24-601.01.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3208 - Bank or trust company; powers.

30-3208.
Bank or trust company; powers.
(1) Notwithstanding the provisions of sections 30-3201 and 30-3207, any bank or trust company qualified to act as fiduciary in this state may:
(a) Establish and maintain common trust funds for the collective investment of funds held in any fiduciary capacity by it or by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company; and
(b) As a fiduciary or cofiduciary, invest funds which it holds for investment in common trust funds established and maintained by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship.
(2) To the extent not inconsistent with this section, sections 30-3201 to 30-3203 and 30-3207 shall apply to the establishment and maintenance of, and investment in common trust funds under this section.
(3) This section shall apply to fiduciary relationships now in existence or hereafter created.
Source
Laws 1982, LB 951, § 1;
R.S.1943, (1985), § 24-601.05.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3210 - Real estate mortgage; purchase of stock in federal corporation; court may authorize.

30-3210.
Real estate mortgage; purchase of stock in federal corporation; court may authorize.
When any court of competent jurisdiction shall issue a license to any trustee, executor, administrator or guardian to execute a real estate mortgage, such court may authorize the trustee, executor, administrator or guardian to purchase stock in any association or corporation created or which may be created by authority of the United States and as an instrumentality of the United States when such purchase of stock is necessary or required as an incident to obtaining such loan;
Provided,
the amount of stock which may be purchased shall be limited to the amount of stock required for the proposed loan.
Source
Laws 1935, c. 68, § 2, p. 246;
C.S.Supp.,1941, § 27-604;
R.S.1943, § 24-603;
R.S.1943, (1985), § 24-603.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3211 - Registration of securities; name; conditions; liability of fiduciary.

30-3211.
Registration of securities; name; conditions; liability of fiduciary.
Any person or any corporation holding any stock, bond, note, debenture, or any other security or property, the title to which may be registered, hereinafter referred to as a security, as executor, administrator, trustee, guardian, conservator or in any other fiduciary capacity, may cause the same to be registered in his or its own name or in the name of a nominee without any words indicating the fiduciary capacity in which such security is held;
Provided,
(1) the accounts and records of such person or corporation at all times clearly show that such security was held by such person or corporation in such fiduciary capacity; (2) said security is kept separate and apart from the property held by such person or corporation in his or its own right or in any other fiduciary capacity, or such security may be evidenced by book entry; (3) such fiduciary at all times has possession of such security and, if registered in the name of a nominee, before or promptly after such registration, secures from the nominee all such instruments as may be necessary to transfer the same without any further act of such nominee; and (4) the fiduciary shall be liable individually and in his or its own right for any loss resulting to the fiduciary estate because said security was so registered instead of being registered in his or its name as such fiduciary.
Source
Laws 1947, c. 80, § 1, p. 253;
Laws 1978, LB 763, § 2;
R.S.1943, (1985), § 24-604.
Annotations
Passage of nominee statute in 1947 was such a change of circumstances as to require bond of testamentary trustee even though will provided that no bond be required. In re Estate of Grainger, 151 Neb. 555, 38 N.W.2d 435 (1949).
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3212 - Registration of securities; name of nominee.

30-3212.
Registration of securities; name of nominee.
A corporation acting as one of two or more fiduciaries, with the consent of its cofiduciary or cofiduciaries, who are hereby authorized to give such consent, may register a security held by said fiduciaries in the name of its nominee, subject in all respects to the requirements, provisions and liabilities set forth in section 30-3211.
Source
Laws 1947, c. 80, § 2, p. 254;
R.S.1943, (1985), § 24-605.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3213 - Real estate investment trust, defined.

30-3213.
Real estate investment trust, defined.
For the purpose of this section and section 30-3214 real estate investment trust shall mean an unincorporated trust or an unincorporated association:
(1) Which is managed by one or more trustees;
(2) The beneficial ownership of which is evidenced by the transferable shares, or by transferable certificates of beneficial interest;
(3) Which does not hold any property primarily for sale to customers in the ordinary course of its trade or business; and
(4) The beneficial ownership of which is held by one hundred or more persons.
Source
Laws 1961, c. 108, § 1, p. 345;
R.S.1943, (1985), § 24-632.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3214 - Real estate investment trust; articles of agreement or trust; filing.

30-3214.
Real estate investment trust; articles of agreement or trust; filing.
A real estate investment trust shall file its articles of agreement or of trust or any modifications thereof with the Secretary of State and with the county clerk of the county in this state in which the trust has its principal place of doing business by complying with the same procedures as set forth in sections 21-215, 21-219 to 21-225, and 21-2,150 to 21-2,160. Such filing shall include a copy of the articles of agreement or of trust and shall name a resident agent in the State of Nebraska and the principal place of doing business in this state.
Source
Laws 1961, c. 108, § 2, p. 345;
Laws 1965, c. 114, § 1, p. 439;
R.S.1943, (1985), § 24-633;
Laws 1995, LB 109, § 213;
Laws 2014, LB749, § 278.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3215 - Private foundations and split-interest trusts; prohibited acts.

30-3215.
Private foundations and split-interest trusts; prohibited acts.
Notwithstanding any provision to the contrary in the governing instrument or under any other law of this state and except as otherwise provided by court decree entered after April 30, 1971, a trust, whenever created, which is a private foundation or a split-interest trust as defined in sections 509 and 4947, respectively, of the Internal Revenue Code, during the period it is a private foundation or split-interest trust as so defined:
(1) Shall not engage in any act of self-dealing as defined in section 4941(d) of such code;
(2) Shall distribute the trust income for each taxable year at such time and in such manner as not to subject the trust to the tax on undistributed income imposed by section 4942 of such code;
(3) Shall not retain any excess business holdings as defined in section 4943(c) of such code;
(4) Shall not make any investment in such manner as to subject the trust to tax under section 4944 of such code; and
(5) Shall not make any taxable expenditure as defined in section 4945(d) of such code.
Except as otherwise provided by court decree entered after April 30, 1971, the prohibitions and requirements imposed upon such a trust by subdivisions (1) through (5) of this section shall be deemed to be included within the governing instrument of every private foundation or split-interest trust, as defined in this section.
Source
Laws 1971, LB 793, § 1;
R.S.1943, (1985), § 24-634;
Laws 1995, LB 574, § 40.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3216 - Private foundations and split-interest trusts; governing instrument; amendments permitted.

30-3216.
Private foundations and split-interest trusts; governing instrument; amendments permitted.
The trustee of a trust, whenever created, which is a private foundation or a split-interest trust as defined in sections 509 and 4947, respectively, of the Internal Revenue Code may, notwithstanding any provision to the contrary in the governing instrument or under any other law of this state and except as otherwise provided by court decree entered after April 30, 1971, amend the terms of the governing instrument to the extent necessary to bring the trust into conformity with the requirements for:
(1) Termination of private foundation status in the manner described in section 507 of such code, and exemption of the trust from the taxes imposed by sections 4941 to 4945, inclusive, thereof; or
(2) Exclusion of the trust from private foundation status under section 509(a)(3) of such code; and to this end may release any power contained in the governing instrument, may reduce or limit the charitable organizations or classes of charitable organizations in whose favor a power to select may be exercised, and may appoint new or additional trustees. If the trust is for the benefit of one or more named charitable organizations, the trustee shall first obtain the consent of those organizations before making any amendment under this subdivision.
Source
Laws 1971, LB 793, § 2;
R.S.1943, (1985), § 24-635;
Laws 1995, LB 574, § 41.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3217 - Private foundations and split-interest trusts; applicability of sections.

30-3217.
Private foundations and split-interest trusts; applicability of sections.
A trustee of a trust which is a private foundation or a split-interest trust as defined in section 30-3215, may elect that sections 30-3215 to 30-3218 shall not apply to such trust and its trustee or trustees by so notifying the Attorney General in writing within six months following April 30, 1971, or when such trust becomes subject to sections 30-3215 to 30-3218, whichever last occurs. Section 30-3215 shall not apply to any trust with respect to which notice has been given, unless the trust is amended to comply with the terms of section 30-3215.
Source
Laws 1971, LB 793, § 3;
R.S.1943, (1985), § 24-636.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3218 - Private foundations and split-interest trusts; sections; how interpreted.

30-3218.
Private foundations and split-interest trusts; sections; how interpreted.
Sections 30-3215 to 30-3218 shall be interpreted to effectuate the intent of the State of Nebraska to preserve, foster and encourage gifts to or for the benefit of charitable organizations and to preserve to such organizations their right to exemption from federal income taxes.
Source
Laws 1971, LB 793, § 4;
R.S.1943, (1985), § 24-637.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3219 - Electric and communication facilities; easement; license and agreement for construction, operation, and maintenance; fiduciaries; execution.

30-3219.
Electric and communication facilities; easement; license and agreement for construction, operation, and maintenance; fiduciaries; execution.
Administrators and executors of the estates of deceased persons, trustees of trust estates, the guardians of estates of minors and incompetent persons, and conservators may execute easements, licenses, and other contracts with public power districts, electric membership associations, cooperative corporations, individuals, partnerships, limited liability companies, or corporations for the construction, operation, and maintenance of electric generation, transmission, or distribution facilities or facilities for the transmission or distribution of communications upon such terms and conditions as the administrators, executors, trustees, guardians, or conservators of such persons deem reasonable and equitable, and for the best interests of the estates of deceased persons, minors, incompetents, and beneficiaries of a trust.
Source
Laws 1961, c. 462, § 1, p. 1406;
Laws 1993, LB 121, § 552;
R.S.1943, (1999), § 86-337;
Laws 2002, LB 1105, § 434.
Cross References
Oil and gas pipeline easements, powers, see section 57-401.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3220 - Electric and communication facilities; easement; license and agreement for construction, operation, and maintenance; fiduciaries; execution; procedure.

30-3220.
Electric and communication facilities; easement; license and agreement for construction, operation, and maintenance; fiduciaries; execution; procedure.
Easements and contracts authorized in section 30-3219 shall be entered into by administrators, executors, trustees, guardians, and conservators only upon compliance with and upon securing the approval of the county court of the county where the real estate is located in the manner provided in section 57-402, pertaining to oil and gas pipeline easements.
Source
Laws 1961, c. 462, § 2, p. 1406;
Laws 1972, LB 1032, § 283;
R.S.1943, (1999), § 86-338;
Laws 2002, LB 1105, § 435.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3401 - Legislative intent.

30-3401.
Legislative intent.
(1) It is the intent of the Legislature to establish a decisionmaking process which allows a competent adult to designate another person to make health care and medical treatment decisions if the adult becomes incapable of making such decisions.
(2) The Legislature does not intend to encourage or discourage any particular health care or treatment decision or to create any new right or alter any existing right of competent adults to make such decisions, but the Legislature does intend through sections 30-3401 to 30-3432 to allow an adult to exercise rights he or she already possesses by means of delegation of decisionmaking authority to a designated attorney in fact.
(3) Sections 30-3401 to 30-3432 shall not confer any new rights regarding the provision or rejection of any specific medical treatment and shall not alter any existing laws concerning homicide, suicide, or assisted suicide. Nothing in sections 30-3401 to 30-3432 shall be construed to condone, authorize, or approve homicide, suicide, or assisted suicide.
Source
Laws 1992, LB 696, § 1.
2023 Nebraska Revised Statutes › Chapter 30 - Decedents' Estates; Protection of Persons and Property › 30-3403 - Power of attorney for health care; designation; competency; presumption.

30-3403.
Power of attorney for health care; designation; competency; presumption.
(1) A principal may confer a power of attorney for health care thereby designating another competent adult as attorney in fact for health care decisions in accordance with sections 30-3401 to 30-3432. A principal may also designate another competent adult as a successor attorney in fact to serve in place of the original attorney in fact when the original attorney in fact is not reasonably available or is unable or unwilling to serve as an attorney in fact. If, after the authority of a successor attorney in fact has commenced, the original attorney in fact becomes available, able, and willing to serve as attorney in fact, the authority of the successor attorney in fact shall cease and the authority of the original designee shall commence.
(2) There shall be a rebuttable presumption that every adult is competent for purposes of executing a power of attorney for health care unless such adult has been adjudged incompetent or unless a guardian has been appointed for such adult.
Source
Laws 1992, LB 696, § 3.