(1) A unitrust policy may: (a) provide methods and standards for: (i) determining the timing of distributions; (ii) making distributions in cash or in kind or partly in cash and partly in kind; or (iii) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount; (b) specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or (c) provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.

(a) provide methods and standards for: (i) determining the timing of distributions; (ii) making distributions in cash or in kind or partly in cash and partly in kind; or (iii) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;

(i) determining the timing of distributions;

(ii) making distributions in cash or in kind or partly in cash and partly in kind; or

(iii) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;

(b) specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or

(c) provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.

(2) If a trust qualifies for a special tax benefit or a fiduciary is not an independent person: (a) the unitrust rate established under Section 22-3-306 may not be less than 3% or more than 5%; (b) the only provisions of Section 22-3-307 which apply are Subsections 22-3-307(1) and (2)(a), (d), (e)(i), and (i); (c) the only period that may be used under Section 22-3-308 is a calendar year under Subsection 22-3-308(1); and (d) the only other provisions of Section 22-3-308 that apply are Subsection 22-3-308(2)(b)(i) and (c).

(a) the unitrust rate established under Section 22-3-306 may not be less than 3% or more than 5%;

(b) the only provisions of Section 22-3-307 which apply are Subsections 22-3-307(1) and (2)(a), (d), (e)(i), and (i);

(c) the only period that may be used under Section 22-3-308 is a calendar year under Subsection 22-3-308(1); and

(d) the only other provisions of Section 22-3-308 that apply are Subsection 22-3-308(2)(b)(i) and (c).