75-7-103 - Definitions.
75-7-103. Definitions.
(1) In this chapter:
(a) "Action," with respect to an act of a trustee, includes a failure to act.
(b) "Beneficiary" means a person that:
(i) has a present or future beneficial interest in a trust, vested or contingent; or
(ii) in a capacity other than that of trustee, holds a power of appointment over trustproperty.
(c) "Charitable trust" means a trust, or portion of a trust, created for a charitable purposedescribed in Subsection 75-7-405(1).
(d) "Environmental law" means a federal, state, or local law, rule, regulation, orordinance relating to protection of the environment.
(e) "Interests of the beneficiaries" means the beneficial interests provided in the terms ofthe trust.
(f) "Jurisdiction," with respect to a geographic area, includes a state or country.
(g) "Power of withdrawal" means a presently exercisable general power of appointmentother than a power exercisable only upon consent of the trustee or a person holding an adverseinterest.
(h) "Qualified beneficiary" means a beneficiary who, on the date the beneficiary'squalification is determined:
(i) is a current distributee or permissible distributee of trust income or principal; or
(ii) would be a distributee or permissible distributee of trust income or principal if thetrust terminated on that date.
(i) "Resident estate" or "resident trust"means:
(i) an estate of a decedent who at death was domiciled in this state;
(ii) a trust, or a portion of a trust, consisting of property transferred by will of a decedentwho at his death was domiciled in this state; or
(iii) a trust administered in this state.
(j) "Revocable," as applied to a trust, means revocable by the settlor without the consentof the trustee or a person holding an adverse interest.
(k) "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 settlorof the portion of the trust property attributable to that person's contribution except to the extentanother person has the power to revoke or withdraw that portion.
(l) "Spendthrift provision" means a term of a trust which restrains both voluntary andinvoluntary transfer or encumbrance of a beneficiary's interest.
(m) "Terms of a trust" means the manifestation of the settlor's intent regarding a trust'sprovisions as expressed in the trust instrument or as may be established by other evidence thatwould be admissible in a judicial proceeding.
(n) "Trust instrument" means an instrument executed by the settlor that contains terms ofthe trust, including any amendments thereto.
(2) Terms not specifically defined in this section have the meanings provided in Section75-1-201.
Enacted by Chapter 89, 2004 General Session