(a) In administering a unitrust under this subchapter, a fiduciary shall follow a unitrust policy adopted under § 28-77-303(a)(1) or § 28-77-303(a)(2) or amended or replaced under § 28-77-303(a)(2).(b) A unitrust policy must provide: (1) the unitrust rate or the method for determining the unitrust rate under § 28-77-306;(2) the method for determining the applicable value under § 28-77-307; and(3) the rules described in §§ 28-77-306 through 28-77-309 which apply in the administration of the unitrust, whether the rules are: (A) mandatory, as provided in § 28-77-307(a) and § 28-77-308(a); or(B) optional, as provided in § 28-77-306, § 28-77-307(b), § 28-77-308(b), and § 28-77-309(a), to the extent the fiduciary elects to adopt those rules.Added by Act 2021, No. 1088,§ 2, eff. 1/1/2022.
Arkansas Legal Code