Utah Code 75A-5-308. Period
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Terms Used In Utah Code 75A-5-308
- Trust: includes :(23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and(23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102
- Unitrust: includes an express unitrust. See Utah Code 75A-5-301
- Unitrust amount: means :
(6)(a) an amount computed by multiplying a determined value of a trust by a determined percentage; and(6)(b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate. See Utah Code 75A-5-301- Unitrust policy: means a policy described in Sections
75A-5-305 through75A-5-309 and adopted under Section75A-5-303 . See Utah Code 75A-5-301(1)(a) A unitrust policy shall provide the period used under Sections75A-5-306 and75A-5-307 .(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 Subsection75A-5-309(2) , a unitrust policy may provide standards for:(2)(a) using fewer preceding periods under Subsection75A-5-306(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 Subsection75A-5-307(2)(e)(i) , (e)(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.