Utah Code § 75A-5-307: Applicable value.

(1) A unitrust policy shall provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:

(a) the frequency of valuing the asset, which need not require a valuation in every period; and

(b) the date for valuing the asset in each period that the asset is valued.

(2) Except as otherwise provided in Subsection 75A-5-309(2)(b), a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:

(a) obtaining an appraisal of an asset for which fair market value is not readily available;

(b) exclusion of specific assets or groups or types of assets;

(c) other exceptions or modifications of the treatment of specific assets or groups or types of assets;

(d) identification and treatment of cash or property held for distribution;

(e) use of:

(i) an average of fair market values over a stated number of preceding periods; or

(ii) another mathematical blend of fair market values over a stated number of preceding periods;

(f) a limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:

(i) the corresponding applicable value for the preceding period; or

(ii) a mathematical blend of applicable values over a stated number of preceding time periods;

(g) a limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:

(i) the corresponding applicable value for the preceding period; or

(ii) a mathematical blend of applicable values over a stated number of preceding periods;

(h) the treatment of accrued income and other features of an asset that affect value; and

(i) determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under Subsections (2)(a) through (h).