Section 55-1-24 - Definitions.
55-1-24. Definitions. Terms used in §§ 55-1-24 to 55-1-43, inclusive, mean:
(1) "Beneficial interest," is limited to mean a distribution interest or a remainder interest. A beneficial interest specifically excludes a power of appointment or a power reserved by the settlor;
(2) "Beneficiary," a person that has a present or future beneficial interest in a trust, vested or contingent. The holder of a power of appointment is not a beneficiary;
(3) "Distribution beneficiary," a beneficiary who is an eligible distributee or permissible distributee of trust income or principal;
(4) "Distribution interest," a distribution interest held by a distribution beneficiary. A distribution interest may be a current distribution interest or a future distribution interest. A distribution interest may be classified as a mandatory interest, a support interest, or a discretionary interest;
(5) "Power of appointment," an inter-vivos or testamentary power to direct the disposition of trust property, other than a distribution decision by a trustee to a beneficiary. Powers of appointment are held by a person to whom a power has been given, not the settlor;
(6) "Reach," with respect to a distribution interest or power, to subject the distribution interest or power to a judgment, decree, garnishment, attachment, execution, levy, creditor's bill or other legal, equitable, or administrative process, relief, or control of any court, tribunal, agency, or other entity as provided by law;
(7) "Remainder interest," an interest where a trust beneficiary will receive the property outright at some time during the future;
(8) "Reserved power," a power held by the settlor.
Source: SL 2007, ch 280, § 1; SL 2008, ch 257, § 2; SL 2009, ch 252, § 2.