Uniform Principal and Income Act. Replaces the prior uniform act to reflect modern trust investment practices in the allocation of principal and income. The bill provides procedures for trustees administering estates in separating principal from income, and ensuring that the intention of the creator of the trust is the guiding principle for trustees.
The bill is recommended by the Virginia Commissioners to the National Conference of Commissioners on Uniform State Laws.Full text:
01/26/98 House: Presented & ordered printed 983750152 pdf
01/26/98 House: Presented & ordered printed 983750152
01/26/98 House: Referred to Committee for Courts of Justice
02/02/98 House: Assigned to C. J. sub-committee: 2
02/05/98 House: Continued to 1999 in Courts of Justice (23-Y 0-N)