1. (1) A unitrust policy must provide the period used under sections 15-1.2-306 and 15-1.2-307. Except as otherwise provided in section 15-1.2-309 (2)(c), the period may be:

   1. (a) A calendar year;
   2. (b) A twelve-month period other than a calendar year;
   3. (c) A calendar quarter;
   4. (d) A three-month period other than a calendar quarter; or
   5. (e) Another period.

2. (2) Except as otherwise provided in section 15-1.2-309 (2), a unitrust policy may provide standards for:

   1. (a) Using fewer preceding periods under section 15-1.2-306 (1)(b)(II), (2)(c), or (2)(d) if:

      1. (I) The trust was not in existence in a preceding period; or
      2. (II) Market indices or other published data are not available for a preceding period;

   2. (b) Using fewer preceding periods under section 15-1.2-307 (2)(e)(I), (2)(e)(II), (2)(f)(II), or (2)(g)(II) if:

      1. (I) The trust was not in existence in a preceding period; or
      2. (II) Fair market values are not available for a preceding period; and
   3. (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.

Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 817, § 1, effective January 1, 2022.