Section 22-3-307 - [Renumbered Effective 9/1/2024] Applicable value(1) A unitrust policy shall provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: (a) the frequency of valuing the asset, which need not require a valuation in every period; and(b) the date for valuing the asset in each period that the asset is valued.(2) Except as otherwise provided in Subsection 22-3-309(2)(b), a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including: (a) obtaining an appraisal of an asset for which fair market value is not readily available;(b) exclusion of specific assets or groups or types of assets;(c) other exceptions or modifications of the treatment of specific assets or groups or types of assets;(d) identification and treatment of cash or property held for distribution;(e) use of: (i) an average of fair market values over a stated number of preceding periods; or(ii) another mathematical blend of fair market values over a stated number of preceding periods;(f) a limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over: (i) the corresponding applicable value for the preceding period; or(ii) a mathematical blend of applicable values over a stated number of preceding time periods;(g) a limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:(i) the corresponding applicable value for the preceding period; or(ii) a mathematical blend of applicable values over a stated number of preceding periods;(h) the treatment of accrued income and other features of an asset that affect value; and(i) determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under Subsections (2)(a) through (h).Renumbered as § 75A-5-307 by Chapter (number not assigned at time of publication), 2024 General Session ,§ 143, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 11, eff. 7/1/2020.Added by Chapter 495, 2019 General Session ,§ 14, eff. 7/1/2020.