(a) A unitrust policy must provide the period used under K.S.A. 58-9a-306 and 58-9a-307, and amendments thereto. Except as otherwise provided in K.S.A. 58-9a-309(b)(3), and amendments thereto, the period may be: (1) A calendar year; (2) a 12-month period other than a calendar year; (3) a calendar quarter; (4) a three-month period other than a calendar quarter; or (5) another period. (b) Except as otherwise provided in K.S.A. 58-9a-309(b), and amendments thereto, a unitrust policy may provide standards for: (1) Using fewer preceding periods under K.S.A. 58-9a-306(a)(2)(B), (b)(3) or (b)(4), and amendments thereto, if: (A) The trust was not in existence in a preceding period; or (B) market indices or other published data are not available for a preceding period; (2) using fewer preceding periods under K.S.A. 58-9a-307(b)(5)(A) or (B), (6)(B) or (7)(B), and amendments thereto, if: (B) fair market values are not available for a preceding period; and (3) 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.
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