(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:
(a) A calendar year;
(b) A twelve-month period other than a calendar year;
(c) A calendar quarter;
(d) A three-month period other than a calendar quarter; or
(e) Another period.
(2) Except as otherwise provided in section 15-1.2-309 (2), a unitrust policy may provide standards for:
(a) Using fewer preceding periods under section 15-1.2-306 (1)(b)(II), (2)(c), or (2)(d) if:
(I) The trust was not in existence in a preceding period; or
(II) Market indices or other published data are not available for a preceding period;
(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:
(I) The trust was not in existence in a preceding period; or
(II) Fair market values are not available for a preceding period; and
(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.