Ohio Revised Code Chapter 5812 - Uniform Principal And Income Act

• Section 5812.01 - Uniform Principal And Income Act Definitions.
  As used in sections 5812.01 to 5812.52 of the Revised Code: (A) "Accounting period" means a calendar year unless another twelve-month period is selected...
• Section 5812.02 - 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 5812.07...
• Section 5812.03 - Trustee's Power To Adjust.
  (A) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages the trust...
• Section 5812.07 - 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, all of the following apply:...
• Section 5812.08 - Distribution To Residuary And Remainder Beneficiaries.
  (A) Each beneficiary described in division (D) of section 5812.07 of the Revised Code is entitled to receive a portion of the net income...
• Section 5812.12 - 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...
• Section 5812.13 - Apportionment Of Receipts And Disbursements When Decedent Dies Or Income Interest Begins.
  (A) A trustee shall allocate to principal an income receipt or disbursement other than one to which division (A) of section 5812.07 of the...
• Section 5812.14 - Apportionment When Income Interest Ends.
  (A) As used in this section, "undistributed income" means net income received before the date on which an income interest ends. "Undistributed income" excludes...
• Section 5812.18 - Character Of Receipts.
  (A) As used in this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund,...
• Section 5812.19 - 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...
• Section 5812.20 - Business And Other Activities Conducted By Trustee.
  (A) If a trust that conducts a business or other activity determines that it is in the best interest of all the beneficiaries to...
• Section 5812.24 - Principal Receipts.
  A trustee shall allocate to principal all of the following: (A) To the extent not allocated to income under sections 5812.01 to 5812.52 of...
• Section 5812.25 - 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...
• Section 5812.26 - 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,...
• Section 5812.27 - Insurance Policies And Similar Contracts.
  (A) Except as otherwise provided in division (B) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy...
• Section 5812.31 - Insubstantial Allocations Not Required.
  If a trustee determines that an allocation between principal and income required by section 5812.32, 5812.33, 5812.34, 5812.35, or 5812.38 of the Revised Code...
• Section 5812.32 - Deferred Compensation, Annuities And Similar Payments.
  (A) As used in this section, "payment" means a payment that a trustee may receive over a fixed number of years or during the...
• Section 5812.33 - Liquidating Asset.
  (A) As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce...
• Section 5812.34 - 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...
• Section 5812.35 - 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...
• Section 5812.36 - 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...
• Section 5812.37 - Derivatives And Options.
  (A) As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments that gives a...
• Section 5812.38 - Asset-backed Securities.
  (A) As used in this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive...
• Section 5812.42 - Disbursements From Income.
  A trustee shall make all of the following disbursements from income to the extent that they are not disbursements to which division (B)(2) or...
• Section 5812.43 - Disbursements From Principal.
  (A) A trustee shall make all of the following disbursements from principal: (1) The remaining one-half of the disbursements described in divisions (A) and...
• Section 5812.44 - Transfers From Income To Principal For Depreciation.
  (A) As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed...
• Section 5812.45 - 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...
• Section 5812.46 - Income Taxes.
  (A) A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. (B) A tax...
• Section 5812.47 - 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...
• Section 5812.51 - Citing Chapter.
  (A) Sections 5812.01 to 5812.52 of the Revised Code may be cited as the "uniform principal and income act (1997)." (B) In applying and...
• Section 5812.52 - Application To Existing Trusts And Estates.
  Sections 5812.01 to 5812.51 of the Revised Code apply to every trust or decedent's estate existing on January 1, 2003, except as otherwise expressly...

Last modified: October 10, 2016