75A-5-307. Applicable value.
(1) A unitrust policy shall provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: the frequency of valuing the asset, which need not require a valuation in every period; and the date for valuing the asset in each period that the asset is valued.
(2) Except as otherwise provided in Subsection, a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including: 75A-5-309(2)(b) obtaining an appraisal of an asset for which fair market value is not readily available; exclusion of specific assets or groups or types of assets; other exceptions or modifications of the treatment of specific assets or groups or types of assets; identification and treatment of cash or property held for distribution; use of: an average of fair market values over a stated number of preceding periods; or another mathematical blend of fair market values over a stated number of preceding periods; a limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over: the corresponding applicable value for the preceding period; or a mathematical blend of applicable values over a stated number of preceding time periods; a limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below: the corresponding applicable value for the preceding period; or a mathematical blend of applicable values over a stated number of preceding periods; the treatment of accrued income and other features of an asset that affect value; and determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under Subsections (2)(a) through (h).