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Section 104 - Trustee powers to convert trusts where there is no trustee other than an interested trustee -- Requirements to make unitrust election. (Repealed 7/1/2020)

UT Code § 22-7-104 (2019) (N/A)
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(1) elect to release the power to adjust described in Section 22-3-104 and to convert an income trust to a total return unitrust;

(2) reconvert a total return unitrust to an income trust and reinstate the power to adjust described in Section 22-3-104; or

(3) change the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust if the requirements of Subsections 22-7-103(4)(a) through (f) are completed and the trustee appoints a disinterested person who, in the person's sole discretion but acting in a fiduciary capacity, determines for the trustee: (a) the percentage to be used to calculate the unitrust amount; (b) the method to be used in determining the fair market value of the trust; and (c) which assets, if any, are to be excluded in determining the unitrust amount.

(a) the percentage to be used to calculate the unitrust amount;

(b) the method to be used in determining the fair market value of the trust; and

(c) which assets, if any, are to be excluded in determining the unitrust amount.

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Section 103 - Trustee powers to convert trusts -- Requirements to make unitrust election. (Repealed 7/1/2020)
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