§ 1 Short title
§ 2 Definitions
§ 3 Fiduciary duties; general principles
§ 4 Trustee’s power to adjust
§ 5 Judicial control of discretionary powers
§ 6 Determination and distribution of net income
§ 7 Distribution to residuary and remainder beneficiaries
§ 8 When right to income begins and ends
§ 8A Apportionment of receipts and disbursements when decedent dies or income interest begins
§ 9 Apportionment when income interest ends
§ 10 Character of receipts
§ 11 Distribution from trust or estate
§ 12 Business and other activities conducted by trustee
§ 13 Principal receipts
§ 14 Rental property
§ 15 Obligation to pay money
§ 16 Insurance policies and similar contracts
§ 17 Insubstantial allocations not required
§ 18 Deferred compensation, annuities and similar payments
§ 19 Liquidating asset
§ 20 Minerals, water, and other natural resources
§ 21 Timber
§ 22 Property not productive of income
§ 23 Derivatives and options
§ 24 Asset-backed securities
§ 25 Disbursements from income
§ 26 Disbursements from principal
§ 27 Transfers from income to principal for depreciation
§ 28 Transfers from income to reimburse principal
§ 29 Income taxes
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Terms Used In Massachusetts General Laws > Chapter 203D - Principal and Income

  • 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
  • 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.
  • Donor: The person who makes a gift.
  • Executor: A male person named in a will to carry out the decedent
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.