SF1536 - Minnesota: Uniform Principal and Income Act (2000)

Relating to uniform laws ARTICLE 1 - DEFINITIONS AND FIDUCIARY DUTIES Enacting the "Uniform Principal and Income Act (2000)", providing a uniform set of laws governing principal and income; defining certain terms; specifying certain duties of fiduciaries and certain general principles, creating a presumption of fairness and reasonableness under the act; specifying the power of trustees to adjust between principal and income, specifying certain factors to be considered for decision making purposes; prohibiting or restricting certain adjustments ARTICLE 2 - DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST Providing for the determination and distribution of net income to residuaries and beneficiaries after death of the decedent or end of income interest in a trust, specifying certain recordkeeping requirements ARTICLE 3 - APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST

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