Relating to uniform laws ARTICLE 1 - DEFINITIONS AND FIDUCIARY DUTIES Enacting the "Uniform Principal and Income Act (1997)", providing a uniform set of laws governing principal and income; defining certain terms; specifying certain duties of fiduciaries and certain general principles, creating a presumption of fairness and reasonableness under the act; specifying the power of trustees to adjust between principal and income, specifying certain factors to be considered for decision making purposes; prohibiting or restricting certain adjustments; providing for judicial control of discretionary powers of fiduciaries under certain conditions ARTICLE 2 - DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST Providing for the determination and distribution of net income to residuaries and beneficiaries after death of the decedent or end of income interest in a trust, specifying certain recordkeeping requirements ARTICLE 3 - APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST Specifying the entitlement of income beneficiaries to net income and the beginning date of income interest; subjecting assets to trusts and to successive income interest on certain dates; specifying the ending date of income interest; providing for the apportionment of receipts and disbursements upon the death or the decedent or on the beginning and ending dates of income interest ARTICLE 4 - ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST PART 1 - RECEIPTS FROM ENTITIES: Providing for the character of receipts, specifying certain allocation requirements of trustees; authorizing the maintenance of separate accounting records for business and other activities under certain conditions PART 2 - RECEIPTS NOT NORMALLY APPORTIONED Providing for trustee allocation of principal, rental property and certain money obligation receipts and life insurance policy or contract proceeds PART 3 - RECEIPTS NORMALLY APPORTIONED Providing for trustee allocation of insubstantial principal and income allocations, of deferred compensation, annuities and similar payments, of liquidating assets, of receipts from minerals, water, timber and other natural resources, of assets from certain property not productive of income, of certain derivatives and options and of asset backed securities ARTICLE 5 - ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST Specifying certain income and principal disbursement requirements of trustees, authorizing certain transfers from income to principal for depreciation and to reimburse principal; providing for the payment of income taxes; authorizing fiduciary adjustments between principal and income to offset the shifting of economic interests or tax benefits between income and remainder beneficiaries; applying the provisions to existing trusts and estates; repealing the existing uniform principal and income act (ra)