22-3-102 - Definitions.
22-3-102. Definitions.
In this chapter:
(1) "Accounting period" means a calendar year unless another 12-month period isselected by a fiduciary. The term includes a portion of a calendar year or other 12-month periodthat 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 and devisee and, inthe case of a trust, an income beneficiary and a remainder beneficiary.
(3) "Fiduciary" means a personal representative or a trustee. The term includes anexecutor, administrator, successor personal representative, special administrator, and a personperforming substantially the same function.
(4) "Income" means money or property that a fiduciary receives as current return from aprincipal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of aprincipal asset, to the extent provided in Part 4, Allocation of Receipts During Administration ofTrust.
(5) "Income beneficiary" means a person to whom net income of a trust is or may bepayable.
(6) "Income interest" means the right of an income beneficiary to receive all or part ofnet income, whether the terms of the trust require it to be distributed or authorize it to bedistributed in the trustee's discretion.
(7) "Mandatory income interest" means the right of an income beneficiary to receive netincome that the terms of the trust require the fiduciary to distribute.
(8) "Net income" means the total receipts allocated to income during an accountingperiod minus the disbursements made from income during the period, plus or minus transfersunder this chapter 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 beneficiarywhen the trust terminates.
(11) "Remainder beneficiary" means a person entitled to receive principal when anincome interest ends.
(12) "Terms of a trust" means the manifestation of the intent of a settlor or decedent withrespect 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 notappointed or confirmed by a court.
Enacted by Chapter 285, 2004 General Session