Section 37A-1-104.21 - Definitions(a) An "express total return unitrust" means a trust that has a governing instrument requiring the distribution at least annually of a unitrust amount equal to a fixed percentage of not less than three percent (3%) nor more than five percent (5%) per year of the net fair market value of the trust's assets, valued at least annually.(b) "Code" means the Internal Revenue Code as described in G.S. 37A-1-104.1(1).(c) "Treasury regulations" means the treasury regulations described in G.S. 37A-1-104.1(9a).N.C. Gen. Stat. § 37A-1-104.21
Added by 2005 N.C. Sess. Laws 244, s. 6, eff. 7/30/2005.