55-15-9. Administration of total return unitrust–Authority of trustee.
In administering a total return unitrust, the trustee may, in its sole discretion but subject to the provisions of the governing instrument, determine:
(1)The effective date of the conversion;
(2)The timing of distributions (including provisions for prorating a distributions for a short year in which a beneficiary’ right to payments commences or ceases);
(3)Whether distributions are to be made in cash or in kind or partly in cash and partly in kind;
(4)If the trust is reconverted to an income trust, the effective date of such reconversion; and
(5)Such other administrative issues as may be necessary or appropriate to carry out the purposes of this chapter.
Source: SL 2002, ch 225, §9.