Period.

(1) (a) A unitrust policy shall provide the period used under Sections 75A-5-306 and 75A-5-307. (b) Except as otherwise provided in Subsection 22-3-309(2)(c), the period may be: (i) a calendar year; (ii) a 12-month period other than a calendar year; (iii) a calendar quarter; (iv) a three-month period other than a calendar quarter; or (v) another period. (2) Except as otherwise provided in Subsection 75A-5-309(2), a unitrust policy may provide standards for: (a) using fewer preceding periods under Subsection 75A-5-306(1)(b)(ii), (2)(c), or (2)(d) if: (i) the trust was not in existence in a preceding period; or (ii) market indices or other published data are not available for a preceding period; (b) using fewer preceding periods under Subsection 75A-5-307(2)(e)(i), (e)(ii), (f)(ii), or (g)(ii) if: (i) the trust was not in existence in a preceding period; or (ii) fair market values are not available for a preceding period; and (c) prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.