§ 15-1.2-301 — Definitions

Colorado § 15-1.2-301

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Uniform Fiduciary Income and Principal Act

Text

In this part 3:

(1) Applicable value means the amount of the net fair market value of a
trust taken into account under section 15-1.2-307.

(2) Express unitrust means a trust for which, under the terms of the trust
without regard to this part 3, income or net income must or may be calculated as a
unitrust amount.

(3) Income trust means a trust that is not a unitrust.

(4) Net fair market value of a trust means the fair market value of the
assets of the trust, less the noncontingent liabilities of the trust.

(5) Unitrust means a trust for which net income is a unitrust amount. The
term includes an express unitrust.

(6) Unitrust amount means an amount computed by multiplying a
determined value of a trust by a determined percentage. For a unitrust
administered under a unitrust policy, the term means the applicable value,
multiplied by the unitrust rate.

(7) Unitrust policy means a policy described in sections 15-1.2-305 through
15-1.2-309 and adopted under section 15-1.2-303.

(8) Unitrust rate means the rate used to compute the unitrust amount
under subsection (6) of this section for a unitrust administered under a unitrust
policy.

Legislative History

Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 810, � 1, effective January 1, 2022.