ULC

Committees

Principal and Income Act, Revised

Description

Originally enacted in 1931 and then revised in 1962, UPAIA was last comprehensively revised in 1997. Much has changed in the nearly two decades since then. The drafting committee will undertake a number of revisions to bring the UPAIA up to date and to add a unitrust provision. Modern trust law requires a trustee to invest for the best total return and simultaneously to treat income and remainder beneficiaries impartially. In order to fulfill these duties, a trustee should be able to make adjustments between income and principal or to make a unitrust election. The drafting committee will address many other issues, including (1) the treatment of money that a trust receives in partial liquidation of an entity in which the trust owns an interest and (2) the allocation of capital gains to income for income tax purposes.

Committee Members

Turney P. Berry Chair
David J. Clark Vice Chair
Mary (Molly) M. Ackerly Member
James W. Dodge Member
David M. English Member
Marc S. Feinstein Member
Barry C. Hawkins Member
John H. Langbein Member
Bradley Myers Member
Robert H. Sitkoff Member
Louise Ellen Teitz Member
Charles A. Trost Member
Cam Ward Division F Chair Member
Ronald D. Aucutt Reporter
William P. LaPiana ABA Advisor
Paul S. Lee ABA Section Advisor
Liza Karsai Executive Director
Benjamin Orzeske Staff Liaison