House Bill 939

AN ACT ENTITLED THE "UNIFORM PRINCIPAL AND INCOME ACT"; TO PROVIDE FOR THE REGULATION OF THE FIDUCIARY RELATIONSHIP BETWEEN A TRUSTEE OF A TRUST AND THE PERSONAL REPRESENTATIVE OF A DECEDENT'S ESTATE; TO MAKE CLEAR THAT THIS ACT IS A DEFAULT LAW THAT OPERATES ONLY WHEN THE GOVERNING INSTRUMENT IS SILENT OR WHEN THERE IS NO EXPRESS LANGUAGE IN THE TRUST INSTRUMENT, WILL OR OTHER APPLICABLE DOCUMENT; TO SPECIFY THE FIDUCIARY OBLIGATION OF THE TRUSTEE OF A TRUST TO SATISFY BOTH THE INTERESTS OF THE TRUST'S INCOME BENEFICIARIES DURING THE LIFE OF THE TRUST AND THE INTERESTS OF THE REMAINDER BENEFICIARIES AT THE TRUST'S TERMINATION; TO PROVIDE THAT A PERSONAL REPRESENTATIVE MAY BE REQUIRED TO ALLOCATE NET INCOME TO CERTAIN INDIVIDUALS DURING THE ADMINISTRATION OF THE ESTATE AND TO ASSURE THAT CERTAIN EXPENSES ARE PAID OUT OF AN APPROPRIATE CATEGORY OF INTERESTS BEFORE FINALLY DISTRIBUTING THE ASSETS OF THE DECEDENT'S ESTATE TO THE HEIRS OR DEVISEES; TO REQUIRE THE TRUSTEE AND THE PERSONAL REPRESENTATIVE TO SATISFY THEIR OBLIGATIONS BY THE PROPER ALLOCATION OF ASSETS TO EITHER PRINCIPAL OR INCOME; TO ESTABLISH RULES FOR DISTINGUISHING INCOME FROM PRINCIPAL; TO REPEAL SECTIONS 91-17-1 THROUGH 91-17-31, MISSISSIPPI CODE OF 1972, WHICH CONSTITUTE THE REVISED UNIFORM PRINCIPAL AND INCOME LAW ENACTED IN 1967; AND FOR RELATED PURPOSES.

In the House of Representatives

• Bobby Moak

  Sponsor

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

In the House of Representatives Feb 20 – Mar 6

1. Feb 20Referred to the House committee on Judiciary A
2. Mar 6Died in committee in the House