1. (1)

   1. (a) A unitrust policy shall provide the period used under Sections 75A-5-306 and 75A-5-307.

   2. (b) Except as otherwise provided in Subsection 22-3-309(2)(c), the period may be:

      1. (i) a calendar year;
      2. (ii) a 12-month period other than a calendar year;
      3. (iii) a calendar quarter;
      4. (iv) a three-month period other than a calendar quarter; or
      5. (v) another period.

2. (2) Except as otherwise provided in Subsection 75A-5-309(2), a unitrust policy may provide standards for:

   1. (a) using fewer preceding periods under Subsection 75A-5-306(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 Subsection 75A-5-307(2)(e)(i), (e)(ii), (f)(ii), or (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.

Renumbered and Amended by Chapter 364, 2024 General Session