Section 72-38-103 - DefinitionsAs used in this chapter, unless the context clearly requires otherwise, the following definitions apply:
(1) "Action", with respect to an act of a trustee, includes a failure to act.(2) "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter, or as later amended.(3) "Beneficiary" means a person who: (a) has a present or future beneficial interest in a trust, vested or contingent; or(b) in a capacity other than that of trustee, holds a power of appointment over trust property.(4) "Charitable trust" means a trust or portion of a trust created for a charitable purpose described in 72-38-405(1).(5) "Conservator" means a person appointed by the court to administer the estate of a minor or adult individual.(6) "Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment.(7) "Guardian" means a person appointed by the court, by a parent, or by a spouse to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. The term does not include a guardian ad litem.(8) "Interested person" means: (b) the qualified beneficiaries who are entitled to notice; and(c) the attorney general if the petition is related to a charitable trust subject to the jurisdiction of the attorney general.(9) "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust.(10) "Jurisdiction", with respect to a geographic area, includes a state or country.(11) "Permissible distributee" means a beneficiary who is currently eligible to receive distributions of trust income or principal, whether mandatory or discretionary, or who holds a presently exercisable power of appointment over trust property. The term includes a charitable organization only if it is expressly designated to receive distributions under the terms of the charitable trust.(12) "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.(13) "Power of withdrawal" means a presently exercisable general power of appointment other than a power: (a) exercisable by a trustee and limited by an ascertainable standard; or(b) exercisable by another person only upon consent of the trustee or a person holding an adverse interest.(14)(a) "Principal place of administration" means the usual place in which the day-to-day activity of the trust is carried on by the trustee or its representative who is primarily responsible for the administration of the trust unless otherwise designated by the terms of the trust as provided in 72-38-108.(b) If the principal place of administration of the trust cannot be determined under subsection (14)(a), then it must be determined as follows: (i) if the trust has a single trustee, the principal place of administration of the trust is the trustee's residence or usual place of business; or(ii) if the trust has more than one trustee, the principal place of administration of the trust is the residence or usual place of business of any of the cotrustees as agreed upon by them. If not agreed upon by the cotrustees, the principal place of administration of the trust is the residence or usual place of business of any of the cotrustees.(15) "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein.(16) "Qualified beneficiary" means a beneficiary who on the date the beneficiary's qualification is determined: (a) is a distributee or permissible distributee of trust income or principal;(b) would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in subsection (16)(a) terminated on that date without causing the trust to terminate; or(c) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.(17) "Revocable", as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.(18) "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 settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion.(19) "Spendthrift provision" means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest.(20) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a state.(21) "Terms of a trust" means: (a) except as otherwise provided in subsection (21)(b), the manifestation of the settlor's intent regarding a trust's provisions as: (i) expressed in the trust instrument; or(ii) established by other evidence that would be admissible in a judicial proceeding; or(b) the trust's provisions as established, determined, or amended by: (i) a trustee or trust director in accordance with applicable law;(iii) a nonjudicial settlement agreement under 72-38-111.(22) "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto.(23) "Trustee" includes an original, additional, and successor trustee and a cotrustee.Amended by Laws 2021, Ch. 325,Sec. 20, eff. 10/1/2021.Added by Laws 2013, Ch. 264, Sec. 3, eff. 10/1/2013.