75A-5-301. Definitions for part.
As used in this part:
(1) "Applicable value" means the amount of the net fair market value of a trust taken into account under Section. 75A-5-307
(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) "Income trust" means a trust that is not a unitrust.
(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) "Unitrust" means a trust for which net income is a unitrust amount. "Unitrust" includes an express unitrust.
(6) "Unitrust amount" means: an amount computed by multiplying a determined value of a trust by a determined percentage; and for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate.
(7) "Unitrust policy" means a policy described in Sectionsthroughand adopted under Section. 75A-5-305 75A-5-309 75A-5-303
(8) "Unitrust rate" means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy.