§ 28-77-308 — Period

(a) A unitrust policy must provide the period used under §§ 28-77-306 and 28-77-307 . Except as otherwise provided in § 28-77-309(b)(3) , the period may be: (1) a calendar year; (2) a 12-month period other than a calendar year; (3) a calendar quarter; (4) a three-month period other than a calendar quarter; or (5) another period. (b) Except as otherwise provided in § 28-77-309(b) , a unitrust policy may provide standards for: (1) using fewer preceding periods under § 28-77-306(a)(2)(B) or § 28-77-306(b)(3) or § 28-77-306(b)(4) if: (A) the trust was not in existence in a preceding period; or (B) market indices or other published data are not available for a preceding period; (2) using fewer preceding periods under § 28-77-307(b)(5)(A) or § 28-77-307(b)(5)(B) , § 28-77-307(b)(6)(B) , or § 28-77-307(b)(7)(B) if: (A) the trust was not in existence in a preceding period; or (B) fair market values are not available for a preceding period; and (3) 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.

Legislative History

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.