California Probate Code ARTICLE 1 - Short Title and Definitions

• Section 16320.
  This chapter may be cited as the Uniform Principal and Income Act.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
• Section 16321.
  The definitions in this article govern the construction of this chapter.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
• Section 16322.
  “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or...
• Section 16323.
  “Fiduciary” means a personal representative or a trustee.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective January 1, 2000.)
• Section 16324.
  “Income” means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a...
• Section 16325.
  “Income beneficiary” means a person to whom net income of a trust is or may be payable.(Added by Stats. 1999, Ch. 145, Sec. 5. Effective...
• Section 16326.
  “Income interest” means the right of an income beneficiary to receive all or part of net income, whether the trust requires it to be distributed...
• Section 16327.
  “Mandatory income interest” means the right of an income beneficiary to receive net income that the trust requires the fiduciary to distribute.(Added by Stats. 1999,...
• Section 16328.
  “Net income” means the total receipts allocated to income during an accounting period minus the disbursements made from income during the accounting period, plus or...

Last modified: October 22, 2018