72-33-108. Definitions.
72-33-108. Definitions. As used in chapters 33 through 36, unless the context requires otherwise, the following definitions apply:
(1) "Beneficiary" means a person who has any present or future interest, vested or contingent, and also includes the owner of an interest by assignment or other transfer and, as it relates to a charitable trust, includes any person entitled to enforce the trust.
(2) "Person" means an individual, a corporation, an organization, or other legal entity.
(3) "Property" includes both real and personal property or any interest therein and means anything that may be the subject of ownership.
(4) "Trust", when not qualified by the word "resulting" or "constructive", includes any express trust, private or charitable, with additions thereto, wherever and however created. It also includes a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust and, unless otherwise provided in the trust instrument, a trust established in connection with bonds issued under Title 90, chapters 4 through 7. The term does not include conservatorships, personal representatives, custodial arrangements pursuant to chapter 26 of this title, business trusts providing for certificates to be issued to beneficiaries, common trust funds, voting trusts, security arrangements, liquidation trusts, and trusts for the primary purpose of paying debts, dividends, interest, salaries, wages, profits, pensions, or employee benefits of any kind and any arrangement under which a person is nominee or escrowee for another.
(5) "Trust company" means an entity that has qualified to engage in and conduct a trust business in this state.
(6) "Trust property" means the property held in trust.
(7) "Trustee" means the person holding property in trust. The term includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
(8) "Trustor" means the person who creates a trust.
History: En. Sec. 7, Ch. 685, L. 1989; amd. Sec. 1, Ch. 688, L. 1991; amd. Sec. 68, Ch. 18, L. 1995.