For this reason, this article is devoted to UPIA's concepts and underlying principles.In many states, a revised version of UPIA (RUPIA 1997) has replaced the first revision (RUPIA 1962) or the original 1931 law (UPIA 1931).The remaining information - the distributions from principal and year-end balance in the principal account - complete the report on the principal equity account.
Put into perspective, what is shown are two income statements: the principal-income statement and income-income statement, one could say, and the distributions from each account to arrive at the year-end balance for these two equity accounts.
Overall, the illustration shows how the income/principal determinations (in conjunction with the distribution provisions of the trust agreement) affect what each beneficiary is to receive. UPIA 1931 as well as RUPIA 1962 and RUPIA 1997 provide similar definitions of principal and income.
Correspondingly, UPIA 1931 will be used to refer specifically to the original law, and RUPIA to refer to both the 19 revised statutes.
And, of course, RUPIA 1962 or RUPIA 1997 is meant to refer to these individual laws.
Accordingly, many of these significant changes will be discussed.