91-9-501 - Definitions.
§ 91-9-501. Definitions.
The following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise:
(a) "Trust" means the following:
(i) An express trust, private or charitable, with additions thereto, wherever and however created; or
(ii) A trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust.
(b) "Trust" excludes the following:
(i) Constructive trusts, other than those described in paragraph (a)(ii) of this section, and resulting trusts;
(ii) Guardianships and conservatorships;
(iii) Executors and administrators of decedent's estates;
(iv) Totten trust accounts;
(v) Custodial arrangements pursuant to the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act of any state;
(vi) Business trusts that are taxed as partnerships or corporations;
(vii) Investment trusts subject to regulation under the laws of this state or any other jurisdiction;
(viii) Common trust funds;
(ix) Voting trusts;
(x) Security arrangements;
(xi) Transfers in trust for purpose of suit or enforcement of a claim of right;
(xii) Liquidation trusts; or
(xiii) Any arrangement under which a person is nominee or escrowee for another.
(c) "Trustee" means an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
(d) "Trust instrument" means a written instrument which creates, defines or determines a trust, including, but not limited to, a last will and testament of a decedent.
Sources: Laws, 1998, ch. 460, § 1, eff from and after passage (approved March 23, 1998).