§ 37A-1-104.21. Definitions. - North Carolina Statutes

Part 2A. Express Total ReturnUnitrusts.

§ 37A‑1‑104.21. Definitions.

(a)        An "expresstotal return unitrust" means a trust that has a governing instrumentrequiring the distribution at least annually of a unitrust amount equal to afixed 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 atleast annually.

(b)        "Code"means the Internal Revenue Code as described in G.S. 37A‑1‑104.1(1).

(c)        "Treasuryregulations" means the treasury regulations described in G.S. 37A‑1‑104.1(9a).(2005‑244,s. 6.)