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It is sometimes said that UPIA governs the accounting for trusts and estates.
This statement is overly broad and, as such, it can be misleading: UPIA is for the most part confined to a particular aspect of trust and estate accounting.
(However, beyond these basic definitions, the specifics of these laws differ.) The most current laws define principal as follows.
Both definitions refer to the beginning amount of principal (when initially funding a trust).
In many states, a revised version of UPIA (RUPIA 1997) has replaced the first revision (RUPIA 1962) or the original 1931 law (UPIA 1931).
Accordingly, the (UPIA) rules governing how a receipt or disbursement is to be categorized (principal versus income) will determine which equity interest holder is to receive the benefit of any receipt or whose interest will be reduced by a disbursement.
This naturally creates a conflict: If a receipt is determined to be income, the income beneficiary (a.k.a., equity interest holder) will benefit to the detriment of the principal beneficiary, and vice versa.
A number of UPIA topics, each worthy of an article, come to mind.
The problem is that any one aspect of UPIA will, by definition, have limited utility.
There are three existing versions of the UPIA: the original 1931 statute and its progeny, the 1962 revised statute and the most recent 1997 revised act.