14-10103
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14-10103. Definitions In this chapter, unless the context otherwise requires: 1. "Action", with respect to an act of a trustee, includes a failure to act. 2. "Beneficiary" means a person who either: (a) Has a present or future beneficial interest in a trust, vested or contingent. (b) In a capacity other than that of a trustee, holds a power of appointment over trust property. 3. "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in section 14-10405, subsection A. 4. "Conservator" means a person appointed by the court to administer the estate of a minor or an adult. 5. "Distributee" means a person who receives property from a trust other than as a creditor or purchaser. 6. "Environmental law" means a federal, state or local law, rule, regulation or ordinance relating to protection of the environment. 7. "Guardian" means a person appointed by the court to make decisions regarding the support, care, education, health and welfare of a minor or an adult. Guardian does not include a guardian ad litem. 8. "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust. 9. "Internal revenue code" has the same meaning prescribed in section 43-105. 10. "Jurisdiction", with respect to a geographic area, includes a state or country. 11. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. 12. "Power of withdrawal" means a presently exercisable general power of appointment other than a power exercisable either: (a) By a trustee and limited by an ascertainable standard. (b) By a person other than in a fiduciary capacity and only on the consent of the trustee or a person holding an adverse interest. 13. "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership. 14. "Qualified beneficiary" means a beneficiary who, on the date the beneficiary's qualification is determined: (a) Is a distributee or permissible distributee of trust income or principal. (b) Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in subdivision (a) of this paragraph terminated on that date. (c) Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. 15. "Revocable", as applied to a trust or a portion of a trust, means revocable by a settlor without the consent of any person, including the trustee or a person who holds an interest that is either adverse or not adverse. 16. "Settlor" means a person, including a testator, who creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion. 17. "Special needs trust" means a trust established for the benefit of one or more disabled persons if one of the purposes of the trust, expressed in the trust instrument or implied from the trust instrument, is to allow the disabled person to qualify or continue to qualify for public, charitable or private benefits that might otherwise be available to the disabled person. The existence of one or more nondisabled remainder beneficiaries of the trust shall not disqualify it as a special needs trust for the purposes of this paragraph. For the purposes of this paragraph, "disabled person" means an individual who is disabled pursuant to 42 United States Code section 1382c. 18. "Spendthrift provision" means a term of a trust that restrains either voluntary or involuntary transfer of a beneficiary's interest. 19. "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. State includes an Indian tribe or band recognized by federal law or formally acknowledged by a state. 20. "Terms of a trust" means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. 21. "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments to that trust. 22. "Trustee" includes an original, additional and successor trustee and a cotrustee. |