House Bill 732

AN ACT TO ENACT THE MISSISSIPPI PRINCIPAL AND INCOME ACT OF 2013 WHICH SHALL BE CODIFIED IN TITLE 91, CHAPTER 17, MISSISSIPPI CODE OF 1972; TO PROVIDE FOR THE DUTIES OF FIDUCIARIES OF ESTATES AND TRUSTS IN ALLOCATING RECEIPTS AND DISBURSEMENTS TO OR BETWEEN PRINCIPAL AND INCOME; TO PROVIDE THE MANNER IN WHICH A FIDUCIARY SHALL EXERCISE THE POWER TO ADJUST AUTHORIZED BY THIS ACT; TO AUTHORIZE A TRUSTEE TO ADJUST BETWEEN PRINCIPAL AND INCOME TO THE EXTENT THE TRUSTEE CONSIDERS NECESSARY UNDER CERTAIN CIRCUMSTANCES; TO PROVIDE THE CIRCUMSTANCES UNDER WHICH A TRUSTEE MAY NOT MAKE AN ADJUSTMENT; TO PROVIDE THAT A COURT MAY NOT ORDER A FIDUCIARY TO CHANGE CERTAIN DECISIONS MADE BY THE FIDUCIARY PURSUANT TO THIS ACT UNLESS IT DETERMINES THAT THE DECISION WAS AN ABUSE OF THE FIDUCIARY'S DISCRETION; TO PROVIDE THAT IF A COURT DETERMINES THAT A FIDUCIARY HAS ABUSED ITS DISCRETION, THE COURT MAY PLACE THE INCOME AND REMAINDER BENEFICIARIES IN THE POSITIONS THEY WOULD HAVE OCCUPIED IF THE DISCRETION HAD NOT BEEN ABUSED AND TO PROVIDE RULES THAT A COURT FOLLOWS IN SUCH CASES; TO PROVIDE THE RULES THAT APPLY TO DISTRIBUTION OF THE ASSETS OF AN ESTATE OR TRUST AFTER A DECEDENT DIES, IN THE CASE OF AN ESTATE, OR AFTER AN INCOME INTEREST IN A TRUST ENDS; TO PROVIDE WHEN AN INCOME INTEREST IN AN ESTATE OR TRUST BEGINS AND ENDS; TO PROVIDE FOR THE ALLOCATION OF RECEIPTS AND DISBURSEMENTS WHEN A DECEDENT DIES, IN THE CASE OF AN ESTATE, OR AN INCOME INTEREST BEGINS, IN THE CASE OF A TRUST; TO PROVIDE FOR THE ALLOCATION OF UNDISTRIBUTED INCOME WHEN AN INCOME INTEREST ENDS; TO PROVIDE FOR THE ALLOCATION OF RECEIPTS BETWEEN PRINCIPAL AND INCOME DURING THE ADMINISTRATION OF A TRUST; TO PROVIDE FOR THE ALLOCATION OF DISBURSEMENTS FROM INCOME AND PRINCIPAL DURING THE ADMINISTRATION OF A TRUST; TO AUTHORIZE THE TRANSFERS FROM INCOME TO PRINCIPAL UNDER CERTAIN CIRCUMSTANCES; TO PROVIDE FOR THE ALLOCATION OF THE PAYMENT OF INCOME TAXES BETWEEN THE PRINCIPAL AND INCOME OF A TRUST; TO AUTHORIZE FIDUCIARIES TO MAKE ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES UNDER CERTAIN CIRCUMSTANCES; TO REPEAL SECTIONS 91-17-1 THROUGH 91-17-31, MISSISSIPPI CODE OF 1972, WHICH COMPRISE THE REVISED UNIFORM PRINCIPAL AND INCOME LAW; AND FOR RELATED PURPOSES.

In the House of Representatives

• Angela Cockerham

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 20 – Mar 7

1. Feb 20Referred to the House committee on Judiciary A
2. Feb 22Reported from committee in the House: title sufficient, do pass
3. Mar 7Passed the House

In the Senate Mar 8 – Apr 4

1. Mar 8Sent to the Senate
2. Mar 15Referred to the Senate committee on Judiciary, Division A
3. Mar 27Reported from committee in the Senate: title sufficient, do pass
4. Apr 4Passed the Senate

To the Governor Apr 5 – Apr 16

1. Apr 5Returned to the House for enrolling
2. Apr 10Enrolled bill signed in the Senate
3. Enrolled bill signed in the House
4. Apr 16Approved by the Governor