1. (1) In administering a unitrust under this part 3, a fiduciary shall follow a unitrust policy adopted under section 15-1.2-303 (1)(a) or (1)(b) or amended or replaced under section 15-1.2-303 (1)(b).

2. (2) A unitrust policy must provide:

   1. (a) The unitrust rate or the method for determining the unitrust rate under section 15-1.2-306;
   2. (b) The method for determining the applicable value under section 15-1.2-306; and

   3. (c) The rules described in sections 15-1.2-306 through 15-1.2-309 which apply in the administration of the unitrust, whether the rules are:

      1. (I) Mandatory, as provided in sections 15-1.2-307 (1) and 15-1.2-416; or
      2. (II) Optional, as provided in sections 15-1.2-306, 15-1.2-307 (2), 15-1.2-308 (2), and 15-1.2-309 (1), to the extent the fiduciary elects to adopt those rules.

Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 815, § 1, effective January 1, 2022.