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). (2005-244, s. 6.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 37A - Uniform Principal and Income Act
§ 37A-1-103 - Fiduciary duties; general principles.
§ 37A-1-104 - Trustee's power to adjust.
§ 37A-1-104.2 - Conversion in trustee's discretion without court approval.
§ 37A-1-104.3 - Conversion with court approval.
§ 37A-1-104.4 - Determination of unitrust amount.
§ 37A-1-104.5 - Matters in trustee's discretion.
§ 37A-1-104.6 - No effect on principal distributions.
§ 37A-1-104.8 - No liability on part of trustee or disinterested person acting in good faith.
§ 37A-1-104.9 - Applicability.
§ 37A-1-104.22 - Determination of unitrust amount.
§ 37A-1-104.23 - Effect of distribution of unitrust amount.
§ 37A-1-104.24 - Change or conversion of unitrust amount.
§ 37A-1-104.25 - Determination of character of unitrust amount.
§ 37A-1-104.26 - Unitrust amount in excess of a five percent payout.