§ 22-7-104. Trustee powers to convert trusts where there is no trustee other than an interested trustee -- Requirements to make unitrust election.

     If there is no trustee of the trust other than an interested trustee, the interested trustee, or when two or more persons are acting as trustees and are interested trustees, a majority of the interested trustees, in the trustee's sole discretion and without the approval of the district court, may:

(1) elect to release the power to adjust described in Section 22-3-104 and to convert an income trust to a total return unitrust;

(2) reconvert a total return unitrust to an income trust and reinstate the power to adjust described in Section 22-3-104; or

(3) change the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust if the requirements of Subsections 22-7-103(4)(a) through (f) are completed and the trustee appoints a disinterested person who, in the person's sole discretion but acting in a fiduciary capacity, determines for the trustee:

(a) the percentage to be used to calculate the unitrust amount;

(b) the method to be used in determining the fair market value of the trust; and

(c) which assets, if any, are to be excluded in determining the unitrust amount.

Enacted by Chapter 244, 2013 General Session