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The final text of the Uniform Trust Code (UTC) was approved by the ULC commissioners in August 2000. The American Bar Association's House of Delegates officially endorsed the UTC in February 2001. The following months saw the finalization of detailed interpretive comments in April 2001 and minor clean-up revisions in August 2001. [ 2 ]
The Uniform Trust Code presumes that trustees will be held to the same standard as that adopted by the Uniform Law Commissioners in the Prudent Investor Act [UPIA]. A trustee must invest and manage trust assets as a "prudent investor" would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. [ 40 ]
The aim of the law is to ensure that the intention of the trust creator or decedent is carried out, and to govern the proper distribution of assets to trust beneficiaries, heirs and devisees. [1] To be enacted into law, the Act must be adopted by the state legislature. To date, most states have adopted the Act (sometimes with modifications). [2]
Uniform Commercial Code: 2001 Uniform Common Interest Ownership Act: 1982, 1994 Uniform Common Trust Fund Act: 1938, 1952 Uniform Comparative Fault Act: 1977, 1979 Uniform Computer Information Transactions Act: 1999; withdrawn 2002 Uniform Condominium Act: 1977, 1980 Uniform Conflict of Laws—Limitations Act: 1982 Uniform Conservation Easement ...
The Uniform Fiduciary Income and Principal Act (UFIPA) is one of the uniform acts that have been proposed in an attempt to harmonize the law in all fifty U.S. states. [1] UFIPA was finalized and adopted by the Uniform Law Commission (ULC) in 2018. [2] UFIPA is an updated version of the Uniform Principal and Income Act (UPIA).
The NNRO worked with a California-based consultant called the Grounded Solutions Network to establish the community land trust. There are about 250 such land trusts across the U.S., according to ...
Ultra trust; Uniform Power of Attorney Act; Uniform Trust Code; United States trust law This page was last edited on 13 February 2012, at 13:07 (UTC). ...
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