Uniform Principal and Income Act Law and Legal Definition

The Uniform Principal and Income Act was promulgated by the National Conference of Commissioners on Uniform State Law (NCCUSL) in 1997. It was amended in 2000. This act revises the Uniform Principal and Income Act of 1931 and 1962, which has been adopted in 41 states. The purpose of the act, is to provide a procedure for separating principal from income for trustees administering an estate and to ensure that the intention of the trust creator is the guiding principle for trustees. Many states in the U.S have adopted this act.