14-10103. Definitions


In this chapter, unless the context otherwise requires:


1. "Action", with respect to an act of a trustee, includes a failure to act.


2. "Beneficiary" means a person who either:


(a) Has a present or future beneficial interest in a trust, vested or contingent.


(b) In a capacity other than that of a trustee, holds a power of appointment over
trust property.


3. "Charitable trust" means a trust, or portion of a trust, created for a
charitable purpose described in section 14-10405, subsection A.


4. "Conservator" means a person appointed by the court to administer the estate of
a minor or an adult.


5. "Distributee" means a person who receives property from a trust other than as a
creditor or purchaser.


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 to make decisions regarding the
support, care, education, health and welfare of a minor or an adult. Guardian does not
include a guardian ad litem.


8. "Interests of the beneficiaries" means the beneficial interests provided in the
terms of the trust.


9. "Internal revenue code" has the same meaning prescribed in section 43-105.


10. "Jurisdiction", with respect to a geographic area, includes a state or country.


11. "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.


12. "Power of withdrawal" means a presently exercisable general power of appointment
other than a power exercisable either:


(a) By a trustee and limited by an ascertainable standard.


(b) By a person other than in a fiduciary capacity and only on the consent of the
trustee or a person holding an adverse interest.


13. "Property" means anything that may be the subject of ownership, whether real or
personal, legal or equitable, or any interest in anything that may be the subject of
ownership.


14. "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 subdivision (a) of this paragraph
terminated on that date.


(c) Would be a distributee or permissible distributee of trust income or principal
if the trust terminated on that date.


15. "Revocable", as applied to a trust or a portion of a trust, means revocable by a
settlor without the consent of any person, including the trustee or a person who holds an
interest that is either adverse or not adverse.


16. "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.


17. "Special needs trust" means a trust established for the benefit of one or more
disabled persons if one of the purposes of the trust, expressed in the trust instrument
or implied from the trust instrument, is to allow the disabled person to qualify or
continue to qualify for public, charitable or private benefits that might otherwise be
available to the disabled person. The existence of one or more nondisabled remainder
beneficiaries of the trust shall not disqualify it as a special needs trust for the
purposes of this paragraph. For the purposes of this paragraph, "disabled person" means
an individual who is disabled pursuant to 42 United States Code section 1382c.


18. "Spendthrift provision" means a term of a trust that restrains either voluntary
or involuntary transfer of a beneficiary's interest.


19. "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. State includes an Indian tribe or band recognized
by federal law or formally acknowledged by a state.


20. "Terms of a trust" means the manifestation of the settlor's intent regarding a
trust's provisions as expressed in the trust instrument or as may be established by other
evidence that would be admissible in a judicial proceeding.


21. "Trust instrument" means an instrument executed by the settlor that contains
terms of the trust, including any amendments to that trust.


22. "Trustee" includes an original, additional and successor trustee and a
cotrustee.