The Uniform Principal and Income Act (UPAIA) is one of the uniform acts that have been promulgated in an attempt to harmonize the law in all fifty U.S. states. The Act was completed by the Commissioners on Uniform State Laws in 1997, and amended in 2000.
The purpose of the UPAIA (sometimes referred to as the UPIA) is to provide procedures by which trustees administering trusts, and personal representatives administering estates, allocate receipts and payments to principal and income. 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.
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).
Famous quotes containing the words uniform, principal, income and/or act:
“We call ourselves a free nation, and yet we let ourselves be told what cabs we can and can’t take by a man at a hotel door, simply because he has a drum major’s uniform on.”
—Robert Benchley (1889–1945)
“The principal thing children are taught by hearing these lullabies is respect. They are taught to respect certain things in life and certain people. By giving respect, they hope to gain self-respect and through self-respect, they gain the respect of others. Self-respect is one of the qualities my people stress and try to nurture, and one of the controls an Indian has as he grows up. Once you lose your self-respect, you just go down.”
—Henry Old Coyote (20th century)
“The bread-winner must toil as in the fruitless effort of a troubled dream while the expenditure of an uneducated wife discounts the income in the lack of understanding to discern the broad possibilities of an intelligent economy.”
—Anna Eugenia Morgan (1845–1909)
“The only rule is, do what you really, impulsively, wish to do. But always act on your own responsibility, sincerely. And have the courage of your own strong emotion.”
—D.H. (David Herbert)