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:
“Thus for each blunt-faced ignorant one
The great grey rigid uniform combined
Safety with virtue of the sun.
Thus concepts linked like chainmail in the mind.”
—Thom Gunn (b. 1929)
“All animals, except man, know that the principal business of life is to enjoy it.”
—Samuel Butler (1835–1902)
“You boast of spending a tenth part of your income in charity; maybe you should spend the nine tenths so, and done with it.”
—Henry David Thoreau (1817–1862)
“Just as a waterfall grows slower and more lightly suspended as it plunges down, so the great man of action tends to act with greater calmness than his tempestuous desires prior to the deed would lead one to expect.”
—Friedrich Nietzsche (1844–1900)