§ 75A-5-308 — Period.

(1) (1)(a) A unitrust policy shall provide the period used under Sections 75A-5-306 and 75A-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 Subsection 75A-5-309(2), a unitrust policy may provide standards for:
(2)(a) using fewer preceding periods under Subsection 75A-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 Subsection 75A-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.

Legislative History

Renumbered and Amended by Chapter 364, 2024 General Session