Florida Statutes Title XLII Chapter 738 - Principal And Income

• 738.101 - Short Title.
  This chapter may be cited as the “Florida Uniform Principal and Income Act.”History.—s. 1, ch. 2002-42.
• 738.102 - Definitions.
  As used in this chapter, the term:(1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a...
• 738.103 - Fiduciary Duties; General Principles.
  (1) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of ss. 738.201 and 738.202...
• 738.104 - Trustee’s Power To Adjust.
  (1) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a...
• 738.1041 - Total Return Unitrust.
  (1) For purposes of this section, the term:(a) “Average fair market value” means the average of the fair market values of assets held by the trust at...
• 738.105 - Judicial Control Of Discretionary Powers.
  (1) A court may not change a trustee’s decision to exercise or not to exercise a discretionary power conferred by this chapter unless the court determines...
• 738.201 - Determination And Distribution Of Net Income.
  After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply:(1) A fiduciary of...
• 738.202 - Distribution To Residuary And Remainder Beneficiaries.
  (1) Each beneficiary described in s. 738.201(4) is entitled to receive a portion of the net income remaining after the application of s. 738.201(1)-(3), which is...
• 738.301 - When Right To Income Begins And Ends.
  An income beneficiary is entitled to net income from the date on which the income interest begins.(1) An income interest begins on the date specified in...
• 738.302 - Apportionment Of Receipts And Disbursements When Decedent Dies Or Income Interest Begins.
  (1) A fiduciary shall allocate an income receipt or disbursement other than one to which s. 738.201(1) applies to principal if the due date of the...
• 738.303 - Apportionment When Income Interest Ends.
  (1) For purposes of this section, “undistributed income” means net income received on or before the date on which an income interest ends. The term does...
• 738.401 - Character Of Receipts.
  (1) For purposes of this section, the term “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund,...
• 738.402 - Distribution From Trust Or Estate.
  A fiduciary shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has...
• 738.403 - Business And Other Activities Conducted By Fiduciary.
  (1) If a fiduciary who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately...
• 738.501 - Principal Receipts.
  A fiduciary shall allocate to principal:(1) To the extent not allocated to income under this chapter, assets received from a donor during the donor’s lifetime, a...
• 738.502 - Rental Property.
  If a fiduciary accounts for receipts from rental property pursuant to this section, the fiduciary shall allocate to income an amount received as rent of...
• 738.503 - Obligation To Pay Money.
  (1) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the fiduciary, including an...
• 738.504 - Insurance Policies And Similar Contracts.
  (1) Except as otherwise provided in subsection (2), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract in which...
• 738.601 - Insubstantial Allocations Not Required.
  If a fiduciary determines that an allocation between principal and income required by s. 738.602, s. 738.603, s. 738.604, s. 738.605, or s. 738.608 is...
• 738.602 - Payments From Deferred Compensation Plans, Annuities, And Retirement Plans Or Accounts.
  (1) As used in this section, the term:(a) “Fund” means a private or commercial annuity, an individual retirement account, an individual retirement annuity, a deferred compensation plan,...
• 738.603 - Liquidating Asset.
  (1) For purposes of this section, the term “liquidating asset” means an asset the value of which will diminish or terminate because the asset is expected...
• 738.604 - Minerals, Water, And Other Natural Resources.
  (1) If a fiduciary accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the fiduciary shall allocate such receipts...
• 738.605 - Timber.
  (1) If a fiduciary accounts for receipts from the sale of timber and related products pursuant to this section, the fiduciary shall allocate such net receipts...
• 738.606 - Property Not Productive Of Income.
  (1) If a marital deduction under the Internal Revenue Code or comparable law of any state is allowed for all or part of a trust the...
• 738.607 - Derivatives And Options.
  (1) For purposes of this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the...
• 738.608 - Asset-backed Securities.
  (1) For purposes of this section, “asset-backed security” means an asset the value of which is based upon the right given the owner to receive distributions...
• 738.701 - Disbursements From Income.
  A fiduciary shall make the following disbursements from income to the extent they are not disbursements to which s. 738.201(2) applies:(1) One-half of the regular compensation...
• 738.702 - Disbursements From Principal.
  (1) A fiduciary shall make the following disbursements from principal:(a) The remaining one-half of the disbursements described in s. 738.701(1) and (2).(b) All of the trustee’s compensation calculated...
• 738.703 - Transfers From Income To Principal For Depreciation.
  (1) For purposes of this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having...
• 738.704 - Transfers From Income To Reimburse Principal.
  (1) If a fiduciary makes or expects to make a principal disbursement described in this section, the fiduciary may transfer an appropriate amount from income to...
• 738.705 - Income Taxes.
  (1) A tax required to be paid by a fiduciary based on receipts allocated to income shall be paid from income.(2) A tax required to be paid...
• 738.706 - Adjustments Between Principal And Income Because Of Taxes.
  (1) 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...
• 738.801 - Apportionment Of Expenses; Improvements.
  (1) For purposes of this section, the term:(a) “Remainderman” means the holder of the remainder interests after the expiration of a tenant’s estate in property.(b) “Tenant” means the...
• 738.802 - Uniformity Of Application And Construction.
  In applying and construing this act, consideration shall be given to the need to promote uniformity of the law with respect to the act’s subject...
• 738.803 - Severability.
  If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity shall not affect other provisions or...
• 738.804 - Application.
  Except as provided in the trust instrument, the will, or this chapter, this chapter shall apply to any receipt or expense received or incurred and...

Last modified: September 23, 2016