North Dakota § 59-04.2-23 (415) Asset-backed securities

North Dakota Statutes

§ 59-04.2-23 — (415) Asset-backed securities

North Dakota § 59-04.2-23

Title 59Trusts, Uses, and Powers

Ch. 59-04.2Uniform Principal and Income Act (1997)

This text of North Dakota § 59-04.2-23 ((415) Asset-backed securities) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 59-04.2-23 (2026).

Text

5."Income beneficiary" means a person to whom net income of a trust is or may be payable.

6."Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

7."Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.

8."Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period.

9."Principal" means property held in trust for distribution to a remainder beneficiary when the t

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5. "Income beneficiary" means a person to whom net income of a trust is or may be
payable.
6. "Income interest" means the right of an income beneficiary to receive all or part of net
income, whether the terms of the trust require it to be distributed or authorize it to be
distributed in the trustee's discretion.
7. "Mandatory income interest" means the right of an income beneficiary to receive net
income that the terms of the trust require the fiduciary to distribute.
8. "Net income" means the total receipts allocated to income during an accounting period
minus the disbursements made from income during the period, plus or minus transfers
under this chapter to or from income during the period.
9. "Principal" means property held in trust for distribution to a remainder beneficiary when
the trust terminates.
10. "Remainder beneficiary" means a person entitled to receive principal when an income
interest ends.
11. "Terms of a trust" means the manifestation of the intent of a settlor or decedent with
respect to the trust, expressed in a manner that admits of its proof in a judicial
proceeding, whether by written or spoken words or by conduct.
12. "Trustee" includes an original, additional, or successor trustee, whether or not
appointed or confirmed by a court.