2003 House Bill 5307 ↩

Senate Roll Call 221: Passed

To establish a "uniform principal and income act" to govern the relationship and activities of fiduciaries and beneficiaries of trusts and estates. The bill includes details related to the distinction between income and principal, which can be important in determining how the economic benefits of a trust or estate will be provided to its beneficiaries. The bill would codify a model statute created by the National Conference of Commissioners on Uniform State Laws.