In administering a total return unitrust, the trustee may, in its sole discretion but subject to the provisions of the governing instrument, determine:
(1) The effective date of the conversion;
(2) The timing of distributions, including provisions for prorating a distribution for a short year in which a beneficiary's right to payments commences or ceases;
(3) Whether distributions are to be made in cash or in kind or partly in cash and partly in kind;
(4) If the trust is reconverted to an income trust, the effective date of the reconversion; and
(5) Any other administrative issues as may be necessary or appropriate to carry out the purposes of this Part. (2003-232, s. 2.)
Sections: Previous 37A-1-102 37A-1-103 37A-1-104 37A-1-104.1 37A-1-104.2 37A-1-104.3 37A-1-104.4 37A-1-104.5 37A-1-104.6 37A-1-104.8 37A-1-104.9 37A-1-104.21 37A-1-104.22 37A-1-104.23 37A-1-104.24 Next
Last modified: March 23, 2014