Utah Code 75A-5-501. Disbursement from income
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Subject to Section
(1) one-half of:
Terms Used In Utah Code 75A-5-501
- Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Utah Code 75A-5-102
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes :(8)(a) a trustee, trust director as defined in Section
75-12-102 , personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;(8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and(8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
- Income interest: includes the right of a current beneficiary to use property held by a fiduciary. See Utah Code 75A-5-102
- Independent person: means a person that is not:
(11)(a) for a trust:(11)(a)(i) a qualified beneficiary as determined under Section75-7-103 ;(11)(a)(ii) a settlor of the trust; or(11)(a)(iii) an individual whose legal obligation to support a beneficiary may be satisfied by a distribution from the trust;(11)(b) for an estate, a beneficiary;(11)(c) a spouse, parent, brother, sister, or issue of an individual described in Subsection (11)(a) or (b);(11)(d) a corporation, partnership, limited liability company, or other entity in which persons described in Subsections (11)(a) through (c), in the aggregate, have voting control; or(11)(e) an employee of a person described in Subsection (11)(a), (b), (c), or (d). See Utah Code 75A-5-102- Person: means :
(14)(a) an individual;(14)(b) an estate;(14)(c) a trust;(14)(d) a business or nonprofit entity;(14)(e) a public corporation, government or governmental subdivision, agency, or instrumentality; or(14)(f) any other legal entity. See Utah Code 75A-5-102- Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Utah Code 75A-5-102
- Property: includes both real and personal property. See Utah Code 68-3-12.5
(1)(a) the regular compensation of the fiduciary and any person providing investment advisory, custodial, or other services to the fiduciary, to the extent income is sufficient; and(1)(b) an expense for an accounting, judicial or nonjudicial proceeding, or other matter that involves both income and successive interests, to the extent income is sufficient;(2) the balance of the disbursements described in Subsection (1), to the extent a fiduciary that is an independent person determines that making those disbursements from income would be in the interests of the beneficiaries;(3) another ordinary expense incurred in connection with administration, management, or preservation of property and distribution of income, including interest, an ordinary repair, regularly recurring tax assessed against principal, and an expense of an accounting, judicial or nonjudicial proceeding, or other matter that involves primarily an income interest, to the extent income is sufficient; and(4) a premium on insurance covering loss of a principal asset or income from or use of the asset.