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:
“Odors from decaying food wafting through the air when the door is opened, colorful mold growing between a wet gym uniform and the damp carpet underneath, and the complete supply of bath towels scattered throughout the bedroom can become wonderful opportunities to help your teenager learn once again that the art of living in a community requires compromise, negotiation, and consensus.”
—Barbara Coloroso (20th century)
“Today, only a fool would offer herself as the singular role model for the Good Mother. Most of us know not to tempt the fates. The moment I felt sure I had everything under control would invariably be the moment right before the principal called to report that one of my sons had just driven somebody’s motorcycle through the high school gymnasium.”
—Mary Kay Blakely (20th century)
“Work though we must, our jobs do not automatically determine our priorities concerning our marriages, our children, our social life, or even our health. It’s still life, constrained as it may be by limited disposable income or leisure time, and we’re still responsible for making it something we enjoy or endure.”
—Melinda M. Marshall (20th century)
“—the main jet
Struggling aloft unti it seems at rest
In the act of rising, until
The very wish of water is reversed,”
—Richard Wilbur (b. 1921)