Colorado Revised Statutes Title 15. Probate, Trusts, and Fiduciaries § 15-1.2-301. Definitions

(1) “Applicable value” means the amount of the net fair market value of a trust taken into account under section 15-1.2-307.

(2) “Express unitrust” means a trust for which, under the terms of the trust without regard to this part 3, income or net income must or may be calculated as a unitrust amount.

(3) “Income trust” means a trust that is not a unitrust.

(4) “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.

(5) “Unitrust” means a trust for which net income is a unitrust amount. The term includes an express unitrust.

(6) “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.

(7) “Unitrust policy” means a policy described in sections 15-1.2-305 through 15-1.2-309 and adopted under section 15-1.2-303.

(8) “Unitrust rate” means the rate used to compute the unitrust amount under subsection (6) of this section for a unitrust administered under a unitrust policy.