Section 58-9a-301 - Definitions related to unitrustsIn K.S.A. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto:
(a) "Applicable value" means the amount of the net fair market value of a trust taken into account under K.S.A. 2023 Supp. 58-9a-307, and amendments thereto.(b) "Express unitrust" means a trust for which, under the terms of the trust without regard to K.S.A. 2023 Supp. 58-9a-301 through 58-9a-309, and amendments thereto, income or net income must or may be calculated as a unitrust amount.(c) "Income trust" means a trust that is not a unitrust.(d) "Net fair market value of a trust" means the fair market value of the assets of the trust, less the noncontingent liabilities of the trust.(e) "Unitrust" means a trust for which net income is a unitrust amount. The term includes an express unitrust.(f) "Unitrust amount" means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy, the term means the applicable value, multiplied by the unitrust rate.(g) "Unitrust policy" means a policy described in K.S.A. 2023 Supp. 58-9a-305 through 58-9a-309, and amendments thereto, and adopted under K.S.A. 2023 Supp. 58-9a-303, and amendments thereto.(h) "Unitrust rate" means the rate used to compute the unitrust amount under subsection (f) for a unitrust administered under a unitrust policy.Added by L. 2021, ch. 63,§ 8, eff. 7/1/2021.