§ 45a-471 (Formerly Sec. 45-213c). Trustee to receive proceeds of pension, retirement, death benefit and profit-sharing plans
§ 45a-472 Trustee to receive proceeds of pension, retirement, death benefit and profit-sharing plans
§ 45a-473 Bonds of testamentary trustees
§ 45a-474 Vacancies in office of trustee
§ 45a-475 Filling of vacancy in town or county trusteeship. Duties of town’s successor trustee
§ 45a-476 Legal title vests in trustee appointed to fill vacancy
§ 45a-477 Foreign trustee’s custody of trust estate. Jurisdiction of Probate Court over trusts created by nondomiciliaries
§ 45a-478 Appointment of trustee when person has disappeared. Trustee’s rights and duties. Procedure if person reappears
§ 45a-479 Suspension of fiduciary powers during armed forces service
§ 45a-480 Income from property acquired by trustee by conveyance or foreclosure when mortgage formerly held by trustee
§ 45a-481 Distribution by testamentary trustee upon completion of trust
§ 45a-482 Distribution of assets of inoperative trust
§ 45a-483 Settlement of trust estate when beneficiary has been absent seven years
§ 45a-484 Termination of small trusts
§ 45a-485 Superior Court or Probate Court jurisdiction to reform instrument to ensure allowance of marital deduction. Qualified domestic trust
§ 45a-486 Termination of inter vivos trust when settlor or spouse is an applicant for or recipient of medical assistance
§ 45a-487 Powers of trustees who are trust beneficiaries
§ 45a-487a Beneficiary interests in trust matters: Definitions
§ 45a-487b Representation by holder of power of appointment
§ 45a-487c Representation by court-appointed conservator or guardian, agent, trustee, executor or administrator, or parent
§ 45a-487d Representation of minor, incapacitated or unborn individual or person whose identity or location is unknown
§ 45a-487e Appointment of guardian ad litem by court, when. Powers
§ 45a-487f Notice and consent re representation and binding another person
§ 45a-488 Division of trust for benefit of beneficiaries. Approval by beneficiaries required
§ 45a-489 Title and beneficial interest in property held in trust not merged nor trust invalidated, when
§ 45a-489a Trust to provide for care of animal: Creation. Administration. Jurisdiction. Termination
§ 45a-490 Short title: Uniform Statutory Rule Against Perpetuities
§ 45a-491 Statutory rule against perpetuities
§ 45a-492 When nonvested property interest or power of appointment created
§ 45a-493 Reformation
§ 45a-494 Exclusions from statutory rule against perpetuities
§ 45a-495 Prospective application
§ 45a-496 Uniformity of application and construction
§ 45a-502 “Majority” defined for trusts executed prior to October 1, 1972
§ 45a-503 Rule against perpetuities. “Second look” doctrine
§ 45a-504 Reduction of age contingency to preserve interest
§ 45a-505 Fee simple determinable or subject to right of entry to become absolute, when
§ 45a-506 Limitations not invalidated, when
§ 45a-507 Application of rule
§ 45a-508 Exemption of certain employees’ trust funds from the rule against perpetuities
§ 45a-514 Charitable trusts
§ 45a-515 Charitable uses determined by trustee, when
§ 45a-516 Gifts to charitable community trust
§ 45a-517 Community trustees to render annual accounts. Hearing on adjustment and allowance
§ 45a-519 Superior Court or Probate Court jurisdiction to reform instruments to federal tax requirements
§ 45a-520 Termination of charitable trusts
§ 45a-521 Superior Court or Probate Court jurisdiction to reform charitable remainder unitrust re payment
§ 45a-535 Short title: Uniform Prudent Management of Institutional Funds Act
§ 45a-535a Definitions
§ 45a-535b Standard of conduct in managing and investing institutional funds
§ 45a-535c Appropriation for expenditure or accumulation of endowment fund. Factors in making a determination to appropriate or accumulate. Rules of construction
§ 45a-535d Delegation of management and investment of institutional fund
§ 45a-535e Release or modification of restrictions contained in gift instrument on management, investment or purpose of institutional fund
§ 45a-535f Determination of compliance with act
§ 45a-535g Application to existing institutional funds
§ 45a-535h Relation of act to Electronic Signatures in Global and National Commerce Act
§ 45a-535i Uniformity of application and construction of act
§ 45a-540 Powers in trust instruments act
§ 45a-541 Short title: Connecticut Uniform Prudent Investor Act
§ 45a-541a Prudent investor rule
§ 45a-541b Standard of care. Portfolio strategy. Risk and return objectives
§ 45a-541c Diversification
§ 45a-541d Duties at inception of trusteeship
§ 45a-541e Loyalty
§ 45a-541f Impartiality
§ 45a-541g Investment costs
§ 45a-541h Reviewing compliance
§ 45a-541i Delegation of investment and management functions
§ 45a-541j Language invoking standards of act
§ 45a-541k Uniformity of application and construction
§ 45a-541l Applicability
§ 45a-542 Short title: Connecticut Principal and Income Act
§ 45a-542a Definitions
§ 45a-542b Fiduciary duties
§ 45a-542c Trustee’s power to adjust
§ 45a-542d Determination and distribution of income interest of decedent’s estate or in trust after trust ends
§ 45a-542e Distribution to beneficiaries
§ 45a-542f Right to income
§ 45a-542g Apportionment of receipts and disbursements when decedent dies or interest income begins
§ 45a-542h Apportionment when income interest ends
§ 45a-542i Character of receipts
§ 45a-542j Distribution from trust or estate
§ 45a-542k Business and other activities conducted by trustee
§ 45a-542l Principal receipts
§ 45a-542m Rental property
§ 45a-542n Obligation to pay money
§ 45a-542o Insurance policies and similar contracts
§ 45a-542p Insubstantial allocations not required
§ 45a-542q Deferred compensation, annuities and similar payments. Separate funds
§ 45a-542r Liquidating asset
§ 45a-542s Minerals, water and other natural resources
§ 45a-542t Timber
§ 45a-542u Property not productive of income
§ 45a-542v Derivatives and options
§ 45a-542w Asset-backed securities
§ 45a-542x Disbursements from income
§ 45a-542y Disbursements from principal
§ 45a-542z Transfers from income to principal for depreciation
§ 45a-542aa Transfers from income to reimburse principal
§ 45a-542bb Income taxes
§ 45a-542cc Adjustments between principal and income as result of taxes
§ 45a-542dd Uniformity of application and construction
§ 45a-542ee Severability clause
§ 45a-542ff Application to existing trust or decedent’s estate
§ 45a-543 Determination by court re abuse of discretion by fiduciary

Terms Used In Connecticut General Statutes > Chapter 802c

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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.
  • another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • banks: shall include all incorporated banks. See Connecticut General Statutes 1-1
  • 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
  • Bequeath: To gift property by will.
  • Bequest: Property gifted by will.
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Donor: The person who makes a gift.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • farming: shall include cultivation of the soil, dairying, forestry, raising or harvesting any agricultural or horticultural commodity, including the raising, shearing, feeding, caring for, training and management of livestock, including horses, bees, poultry, fur-bearing animals and wildlife, and the raising or harvesting of oysters, clams, mussels, other molluscan shellfish or fish. See Connecticut General Statutes 1-1
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • 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.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Legatee: A beneficiary of a decedent
  • 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).
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • month: means a calendar month, and the word "year" means a calendar year, unless otherwise expressed. See Connecticut General Statutes 1-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Probate: Proving a will
  • probate bond: means a bond with security given to secure the faithful performance by an appointed fiduciary of the duties of the fiduciary's trust and the administration of and accounting for all moneys and other property coming into the fiduciary's hands, as fiduciary, according to law. See Connecticut General Statutes 45a-139
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • succeeding: when used by way of reference to any section or sections, mean the section or sections next preceding, next following or next succeeding, unless some other section is expressly designated in such reference. See Connecticut General Statutes 1-1
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.