[§557A-403]  Business and other activities
conducted by trustee.  (a)  If a trustee who conducts a business or other
activity determines that it is in the best interest of all the beneficiaries to
account separately for the business or activity instead of accounting for it as
part of the trust's general accounting records, the trustee may maintain
separate accounting records for its transactions, whether or not its assets are
segregated from other trust assets.



(b)  A trustee who accounts separately for a
business or other activity may determine the extent to which its net cash
receipts shall be retained for working capital, the acquisition or replacement
of fixed assets, or other reasonably foreseeable needs of the business or
activity, and the extent to which the remaining net cash receipts are accounted
for as principal or income in the trust's general accounting records.  If a
trustee sells assets of the business or other activity, other than in the
ordinary course of the business or activity, the trustee shall account for the
net amount received as principal in the trust's general accounting records to
the extent the trustee determines that the amount received is no longer
required in the conduct of the business.



(c)  Activities for which the trustee may
maintain separate accounting records include:



(1)  Retail, manufacturing, service, and other
traditional business activities;



(2)  Farming;



(3)  Raising and selling livestock and other animals;



(4)  Management of rental properties;



(5)  Extraction of minerals and other natural
resources;



(6)  Timber operations; and



(7)  Activities to which section 557A-415 applies. [L
2000, c 191, pt of §1]