75A-5-308. Period.
205 words·~1 min read·
/ut/title-75a/chapter-5/75a-5-308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 9/1/2024
75A-5-308. Period.
(a)A unitrust policy shall provide the period used under Sections 75A-5-306 and 75A-5-307 .
(b)Except as otherwise provided in Subsection 22-3-309(2)(c) , the period may be:
(i)a calendar year;
(ii)a 12-month period other than a calendar year;
(iii)a calendar quarter;
(iv)a three-month period other than a calendar quarter; or
(v)another period.
(2)Except as otherwise provided in Subsection 75A-5-309(2) , a unitrust policy may provide standards for:
(a)using fewer preceding periods under Subsection 75A-5-306(1)(b)(ii) , (2)(c) , or (2)(d) if:
(i)the trust was not in existence in a preceding period; or
(ii)market indices or other published data are not available for a preceding period;
(b)using fewer preceding periods under Subsection 75A-5-307(2)(e)(i) , (e)(ii), (f)(ii) , or (g)(ii) if:
(i)the trust was not in existence in a preceding period; or
(ii)fair market values are not available for a preceding period; and
(c)prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.
Renumbered and Amended by Chapter 364 , 2024 General Session