(a) A unitrust policy must provide the period used under §§ 28-77-306 and 28-77-307. Except as otherwise provided in § 28-77-309(b)(3), the period may be:(1) a calendar year;(2) a 12-month period other than a calendar year;(3) a calendar quarter;(4) a three-month period other than a calendar quarter; or(5) another period.
(1) a calendar year;
(2) a 12-month period other than a calendar year;
(3) a calendar quarter;
(4) a three-month period other than a calendar quarter; or
(5) another period.
(b) Except as otherwise provided in § 28-77-309(b), a unitrust policy may provide standards for:(1) using fewer preceding periods under § 28-77-306(a)(2)(B) or § 28-77-306(b)(3) or § 28-77-306(b)(4) if:(A) the trust was not in existence in a preceding period; or(B) market indices or other published data are not available for a preceding period;(2) using fewer preceding periods under § 28-77-307(b)(5)(A) or § 28-77-307(b)(5)(B), § 28-77-307(b)(6)(B), or § 28-77-307(b)(7)(B) if:(A) the trust was not in existence in a preceding period; or(B) fair market values are not available for a preceding period; and(3) 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.
(1) using fewer preceding periods under § 28-77-306(a)(2)(B) or § 28-77-306(b)(3) or § 28-77-306(b)(4) if:(A) the trust was not in existence in a preceding period; or(B) market indices or other published data are not available for a preceding period;
(A) the trust was not in existence in a preceding period; or
(B) market indices or other published data are not available for a preceding period;
(2) using fewer preceding periods under § 28-77-307(b)(5)(A) or § 28-77-307(b)(5)(B), § 28-77-307(b)(6)(B), or § 28-77-307(b)(7)(B) if:(A) the trust was not in existence in a preceding period; or(B) fair market values are not available for a preceding period; and
(A) the trust was not in existence in a preceding period; or
(B) fair market values are not available for a preceding period; and
(3) 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.