2009 North Carolina Code
Chapter 37A - Uniform Principal and Income Act.
§ 37A-1-104.21. Definitions.
Part 2A. Express Total Return Unitrusts.
§ 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.)
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