As used in this part:

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

5. (5)

   1. (a) "Unitrust" means a trust for which net income is a unitrust amount.
   2. (b) "Unitrust" includes an express unitrust.

6. (6) "Unitrust amount" means:

   1. (a) an amount computed by multiplying a determined value of a trust by a determined percentage; and
   2. (b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate.
7. (7) "Unitrust policy" means a policy described in Sections 75A-5-305 through 75A-5-309 and adopted under Section 75A-5-303.
8. (8) "Unitrust rate" means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy.

Renumbered and Amended by Chapter 364, 2024 General Session