§ 501C.1101 Definitions
§ 501C.1102 Duty of Trustee as to Receipts and Expenditure
§ 501C.1103 Income; Principal; Charges
§ 501C.1104 When Right to Income Arises; Apportionment of Income
§ 501C.1105 Income Earned During Administration of a Decedent’s Estate
§ 501C.1106 Entity Distributions
§ 501C.1107 Bond Premium and Discount
§ 501C.1108 Sole Proprietorships
§ 501C.1109 Disposition of Natural Resources
§ 501C.1110 Timber
§ 501C.1111 Annuities, Qualified and Nonqualified Employee Compensation, Retirement Plans and Other Property Subject to Depletion
§ 501C.1112 Trustee’s Power to Adjust
§ 501C.1113 Charges Against Income and Principal
§ 501C.1114 Nontrust Estates
§ 501C.1115 Application
§ 501C.1116 Ascertainment of Income or Principal
§ 501C.1117 Uniformity of Interpretation
§ 501C.1118 Short Title
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Terms Used In Minnesota Statutes > Chapter 501C > UNIFORM PRINCIPAL AND INCOME ACT

  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grantor: The person who establishes a trust and places property into it.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.