(1) A unitrust policy may:
(a) provide methods and standards for:
(i) determining the timing of distributions;
(ii) making distributions in cash or in kind or partly in cash and partly in kind; or
(iii) correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;
(b) specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or
(c) provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.
(2) If a trust qualifies for a special tax benefit or a fiduciary is not an independent person:
(a) the unitrust rate established under Section 75A-5-306 may not be less than 3% or more than 5%;
(b) the only provisions of Section 75A-5-307 that apply are Subsections 75A-5-307(1) and (2)(a), (d), (e)(i), and (i);
(c) the only period that may be used under Section 75A-5-308 is a calendar year under Subsection 75A-5-308(1); and
(d) the only other provisions of Section 75A-5-308 that apply are Subsections 75A-5-308(2)(b)(i) and (c).