Revision of Uniform Principal and Income Act Affects Net Income Trusts
MSK Client Alert
Vol. VIII, No. 1 - 2000
The National Conference of Commissioners on Uniform Laws approved a revised Uniform Principal and Income Act in the Summer of 1997, and the Act is currently in different stages of the adoption process in various states. It has now been adopted in Arkansas, California, Connecticut, Iowa, North Dakota, Oklahoma and Virginia, and was recently introduced in Hawaii, Kansas, Michigan, Nebraska and Vermont.