Sec. 45a-542a. Definitions.
Sec. 45a-542a. Definitions. As used in sections 45a-542 to 45a-542ff, inclusive:
(1) "Accounting period" means a calendar year unless another twelve-month period
is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends.
(2) "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee and
devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.
(3) "Fiduciary" means a personal representative or a trustee. The term includes an
executor, administrator, successor personal representative, special administrator and a
person performing substantially the same function.
(4) "Income" means money or property that a fiduciary receives as current return
from a principal asset. The term includes a portion of receipts from a sale, exchange or
liquidation of a principal asset, to the extent provided in sections 45a-542i to 45a-542w,
inclusive.
(5) "Income beneficiary" means a person to whom net income of a trust is or may
be payable.
(6) "Income interest" means the right of an income beneficiary to receive all or part
of net income, whether the terms of the trust require it to be distributed or authorize it
to be distributed in the trustee's discretion.
(7) "Mandatory income interest" means the right of an income beneficiary to receive
net income that the terms of the trust require the fiduciary to distribute.
(8) "Net income" means the total receipts allocated to income during an accounting
period minus the disbursements made from income during the period, plus or minus
transfers under sections 45a-542 to 45a-542ff, inclusive, to or from income during the
period.
(9) "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.
(10) "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.
(11) "Remainder beneficiary" means a person entitled to receive principal when an
income interest ends.
(12) "Terms of a trust" means the manifestation of the intent of a settlor or decedent
with respect to the trust, expressed in a manner that admits of its proof in a judicial
proceeding, whether by written or spoken words or by conduct.
(13) "Trustee" includes an original, additional, or successor trustee, whether or not
appointed or confirmed by a court.
(P.A. 99-164, S. 2, 36.)
History: P.A. 99-164 effective January 1, 2000.