Utah § 75A-5-301 Definitions for part.

Utah Statutes

§ 75A-5-301 — Definitions for part.

Utah § 75A-5-301

Title 75AFiduciaries

Ch. 75A-5Uniform Fiduciary Income and Principal Act

Part 75A-5-3Unitrust

This text of Utah § 75A-5-301 (Definitions for part.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 75A-5-301 (2026).

Text

As used in this part:

(1)"Applicable value" means the amount of the net fair market value of a trust taken into account under Section 75A-5-307.

(2)"Express unitrust" means a trust for which, under the terms of the trust without regard to this part, income or net income is permitted or required to 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 minus the noncontingent liabilities of the trust.

(5)(5)(a) "Unitrust" means a trust for which net income is a unitrust amount.

(5)(b) "Unitrust" includes an express unitrust.

(6)"Unitrust amount" means:

(6)(a) an amount computed by multiplying a determined value of a trust by a determined percentage; and

(6)

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As used in this part:
(1) "Applicable value" means the amount of the net fair market value of a trust taken into account under Section 75A-5-307.
(2) "Express unitrust" means a trust for which, under the terms of the trust without regard to this part, income or net income is permitted or required to 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 minus the noncontingent liabilities of the trust.
(5) (5)(a) "Unitrust" means a trust for which net income is a unitrust amount.
(5)(b) "Unitrust" includes an express unitrust.
(6) "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.
(7) "Unitrust policy" means a policy described in Sections 75A-5-305 through 75A-5-309 and adopted under Section 75A-5-303.
(8) "Unitrust rate" means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy.