Ark. Code § 28-77-308

Current with legislation from 2024 Fiscal and Special Sessions.

Section 28-77-308 - Period

(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.

(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.

Ark. Code § 28-77-308

Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.