Section 75A-5-301 - Definitions for partAs 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)(a) "Unitrust" means a trust for which net income is a unitrust amount.(b) "Unitrust" includes an express unitrust.(6) "Unitrust amount" means: (a) an amount computed by multiplying a determined value of a trust by a determined percentage; and(b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate.(7) "Unitrust policy" means a policy described in Sections 75A-5-305 through 75A-5-309 and adopted under Section 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.Renumbered from § 22-3-301 and amended by Chapter 364, 2024 General Session ,§ 137, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 6, eff. 7/1/2020.Repealed and reenacted by Chapter 495, 2019 General Session ,§ 8, eff. 7/1/2020.Enacted by Chapter 285, 2004 General Session.