75A-5-305. Unitrust policy.
143 words·~1 min read·
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Effective 9/1/2024
75A-5-305. Unitrust policy.
(1)In administering a unitrust under this part, a fiduciary shall follow a unitrust policy:
(a)adopted under Subsection 75A-5-303 (1)(a) or (b); or
(b)amended or replaced under Subsection 75A-5-303 (1)(b).
(2)A unitrust policy shall provide:
(a)the unitrust rate or the method for determining the unitrust rate under Section 75A-5-306 ;
(b)the method for determining the applicable value under Section 75A-5-307 ; and
(c)the rules described in Sections 75A-5-306 through 75A-5-309 that apply in the administration of the unitrust, regardless of whether the rules are:
(i)mandatory, as provided in Subsections 75A-5-307
(1)and 75A-5-308 (1); or
(ii)optional, as provided in Section 75A-5-306 and Subsections 75A-5-307 (2), 75A-5-308 (2), and 75A-5-309 (1), to the extent the fiduciary elects to adopt those rules.
Renumbered and Amended by Chapter 364 , 2024 General Session