Chapter 37a. Uniform Principal and Income Act

Article 1. Definitions and Fiduciary Duties; Conversion to Unitrust; Judicial Control of Discretionary Power

• Part 1. Definitions
• Part 2. Conversion to Unitrust
• Part 2a. Express Total Return Unitrusts
• Part 3. Judicial Control of Discretionary Power

Article 2. Decedent's Estate Or Terminating Income Interest

• N.C. Gen. Stat. § 37A-2-201 Determination and Distribution of Net Income
• N.C. Gen. Stat. § 37A-2-202 Distribution to Residuary and Remainder Beneficiaries

Article 3. Apportionment At Beginning and End of Income Interest

• N.C. Gen. Stat. § 37A-3-301 When Right to Income Begins and Ends
• N.C. Gen. Stat. § 37A-3-302 Apportionment of Receipts and Disbursements When Decedent Dies Or Income Interest Begins
• N.C. Gen. Stat. § 37A-3-303 Apportionment When Income Interest Ends

Article 4. Allocation of Receipts During Administration of Trust

• Part 1. Receipts From Entities
• Part 2. Receipts Not Normally Apportioned
• Part 3. Receipts Normally Apportioned

Article 5. Allocation of Disbursements During Administration of Trust

• N.C. Gen. Stat. § 37A-5-501 Disbursements From Income
• N.C. Gen. Stat. § 37A-5-502 Disbursements From Principal
• N.C. Gen. Stat. § 37A-5-503 Transfers From Income to Principal For Depreciation
• N.C. Gen. Stat. § 37A-5-504 Transfers From Income to Reimburse Principal
• N.C. Gen. Stat. § 37A-5-505 Income Taxes
• N.C. Gen. Stat. § 37A-5-506 Adjustments Between Principal and Income Because of Taxes

Article 6. Miscellaneous Provisions

• N.C. Gen. Stat. § 37A-6-601 Uniformity of Application and Construction
• N.C. Gen. Stat. § 37A-6-602 Severability Clause