55-541.03 - Definitions.
§ 55-541.03. Definitions.
In this chapter:
"Action," with respect to an act of a trustee, includes a failure to act.
"Ascertainable standard" means a standard relating to an individual'shealth, education, support, or maintenance within the meaning of § 2041 (b)(1) (A) or 2514 (c) (1) of the Internal Revenue Code of 1986.
"Beneficiary" means a person that (i) has a present or future beneficialinterest in a trust, vested or contingent; or (ii) in a capacity other thanthat of trustee, holds a power of appointment over trust property.
"Charitable trust" means a trust, or portion of a trust, created for acharitable purpose described in § 55-544.05.
"Conservator" means a person appointed by the court to administer theestate of an adult individual.
"Environmental law" means a federal, state, or local law, rule, regulation,or ordinance relating to protection of the environment.
"Guardian" means a person appointed by the court to make decisionsregarding the support, care, education, health, and welfare of a minor oradult individual. The term does not include a guardian ad litem.
"Guardian of the estate" means a person appointed by the court toadminister the estate of a minor.
"Interests of the beneficiaries" means the beneficial interests provided inthe terms of the trust.
"Jurisdiction," with respect to a geographic area, includes a state orcountry.
"Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture,government, governmental subdivision, agency, or instrumentality; publiccorporation, or any other legal or commercial entity.
"Power of withdrawal" means a presently exercisable general power ofappointment other than a power exercisable by a trustee which is limited byan ascertainable standard, or which is exercisable by another person onlyupon consent of the trustee or a person holding an adverse interest.
"Property" means anything that may be the subject of ownership, whetherreal or personal, legal or equitable, or any interest therein.
"Qualified beneficiary" means a living or then existing beneficiary who, onthe date the beneficiary's qualification is determined, (i) is a distributeeor permissible distributee of trust income or principal; (ii) would be adistributee or permissible distributee of trust income or principal if theinterests of the distributees described in (i) terminated on that date, butthe termination of those interests would not cause the trust to terminate; or(iii) would be a distributee or permissible distributee of trust income orprincipal if the trust terminated on that date.
"Revocable," as applied to a trust, means revocable by the settlor withoutthe consent of the trustee or a person holding an adverse interest.
"Settlor" means a person, including a testator, who creates, or contributesproperty to, a trust. If more than one person creates or contributes propertyto a trust, each person is a settlor of the portion of the trust propertyattributable to that person's contribution except to the extent anotherperson has the power to revoke or withdraw that portion.
"Spendthrift provision" means a term of a trust that restrains bothvoluntary and involuntary transfer of a beneficiary's interest.
"State" means a state of the United States, the District of Columbia,Puerto Rico, the United States Virgin Islands, or any territory or insularpossession subject to the jurisdiction of the United States. The termincludes an Indian tribe or band recognized by federal law or formallyacknowledged by a state.
"Terms of a trust" means the manifestation of the settlor's intentregarding a trust's provisions as expressed in the trust instrument or as maybe established by other evidence that would be admissible in a judicialproceeding.
"Trust instrument" means an instrument executed by the settlor thatcontains terms of the trust, including any amendments thereto.
"Trustee" includes an original, additional, and successor trustee, and acotrustee.
(2005, c. 935.)