In this part 3:

1. (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. (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. (3) Income trust means a trust that is not a unitrust.
4. (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. (5) Unitrust means a trust for which net income is a unitrust amount. The term includes an express unitrust.
6. (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. (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. (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.

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