§ 637.101 Short title
§ 637.102 Definitions
§ 637.103 Fiduciary duties — general principles
§ 637.201 Determination and distribution of net income
§ 637.202 Distribution to residuary and remainder beneficiaries
§ 637.301 When right to income begins and ends
§ 637.302 Apportionment of receipts and disbursements when decedent dies or income interest begins
§ 637.303 Apportionment when income interest ends
§ 637.401 Character of receipts
§ 637.402 Distribution from trust or estate
§ 637.403 Business and other activities conducted by trustee
§ 637.410 Principal receipts
§ 637.411 Rental property
§ 637.412 Obligation to pay money
§ 637.413 Insurance policies and similar contracts
§ 637.420 Insubstantial allocations not required
§ 637.421 Deferred compensation, annuities, and similar payments
§ 637.422 Liquidating asset
§ 637.423 Minerals, water, and other natural resources
§ 637.424 Timber
§ 637.425 Property not productive of income
§ 637.426 Derivatives and options
§ 637.427 Asset-backed securities
§ 637.501 Disbursements from income
§ 637.502 Disbursements from principal
§ 637.503 Transfers from income to principal for depreciation
§ 637.504 Transfers from income to reimburse principal
§ 637.505 Income taxes
§ 637.506 Adjustments between principal and income because of taxes
§ 637.601 Definitions
§ 637.602 Trustee’s authority to convert
§ 637.603 Trustee requirements to convert or change computation method
§ 637.604 Interested trustee’s authority to convert
§ 637.605 Interested trustee requirements to convert or change computation method
§ 637.606 Petition to court to convert trust
§ 637.607 Valuation of trust
§ 637.608 Payout percentage
§ 637.610 Procedure upon conversion of income trust to total return unitrust
§ 637.611 Total return unitrust administration
§ 637.612 Principal distributions subject to governing instrument
§ 637.613 Construction and applicability
§ 637.614 Good faith actions
§ 637.615 Effective date
§ 637.701 Application of chapter to existing trusts and estates — chapter prevails
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Terms Used In Iowa Code > Chapter 637 - Uniform Principal and Income Act

  • Accounting period: means a calendar year, unless another twelve-month period is selected by a fiduciary. See Iowa Code 637.102
  • 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
  • Beneficiary: includes , in the case of a decedent's estate, an heir, legatee, and devisee, and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Iowa Code 637.102
  • Collateral: means an individual who is related to another individual under the law of intestate succession of this state but who is not the other individual's ascendant or descendant. See Iowa Code 651.1
  • 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.
  • Devisee: means any person designated in a will to receive a disposition of real or personal property. See Iowa Code 633D.2
  • Donor: The person who makes a gift.
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary: means a personal representative or a trustee. See Iowa Code 637.102
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Heir: means a person, including the surviving spouse, who is entitled under the statutes of intestate succession to the property of a decedent. See Iowa Code 633D.2
  • Income: means money or property a fiduciary receives as the current return from a principal asset. See Iowa Code 637.102
  • Income beneficiary: means a person to whom a trust's net income is or may be payable. See Iowa Code 637.102
  • Income interest: means an income beneficiary's right to receive all or part of the net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Iowa Code 637.102
  • 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
  • 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.
  • Livestock: includes but is not limited to an animal classified as an ostrich, rhea, or emu. See Iowa Code 4.1
  • Mandatory income interest: means an income beneficiary's right to receive net income that the terms of the trust require the fiduciary to distribute. See Iowa Code 637.102
  • 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.
  • Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period. See Iowa Code 637.102
  • 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.
  • Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal or commercial entity. See Iowa Code 637.102
  • Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Iowa Code 637.102
  • property: includes personal and real property. See Iowa Code 4.1
  • Records: includes probate and other official public records, as well as records in the office of the county recorder. See Iowa Code 614.29
  • 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.
  • Remainder beneficiary: means a person, including another trust, entitled to receive principal when an income interest ends. See Iowa Code 637.102
  • Rule: includes "regulation". See Iowa Code 4.1
  • security: includes , but is not limited to, a certificated security, an uncertificated security, and a security account. See Iowa Code 633D.2
  • 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.
  • Terms of a trust: means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Iowa Code 637.102
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Iowa Code 637.102
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • year: means twelve consecutive months. See Iowa Code 4.1