Utah Code 22-3-308. Period
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 22-3-308
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(1)(b) Except as otherwise provided in Subsection 22-3-309(2)(c), the period may be:
(1)(b)(i) a calendar year;
(1)(b)(ii) a 12-month period other than a calendar year;
(1)(b)(iii) a calendar quarter;
(1)(b)(iv) a three-month period other than a calendar quarter; or
(1)(b)(v) another period.
(2) Except as otherwise provided in Subsection 22-3-309(2), a unitrust policy may provide standards for:
(2)(a) using fewer preceding periods under Subsection 22-3-306(1)(b)(ii), (2)(c), or (2)(d) if:
(2)(a)(i) the trust was not in existence in a preceding period; or
(2)(a)(ii) market indices or other published data are not available for a preceding period;
(2)(b) using fewer preceding periods under Subsection 22-3-307(2)(e)(i) or (ii), (f)(ii), or (g)(ii) if:
(2)(b)(i) the trust was not in existence in a preceding period; or
(2)(b)(ii) fair market values are not available for a preceding period; and
(2)(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.