14-7401

14-7401. Definitions

In this article, unless the context otherwise requires:

1. "Accounting period" means a calendar year unless another twelve month period is
selected by a fiduciary and includes a portion of a calendar year or other twelve month
period that 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, legatee
and devisee and, in the case of a trust, an income beneficiary and a remainder
beneficiary.

3. "Fiduciary" means a personal representative or a trustee and includes an
executor, an administrator, a successor personal representative, a special administrator
and a person performing substantially the same function.

4. " Income" means money or property that a fiduciary receives as current return
from a principal asset and includes a portion of receipts from a sale, exchange or
liquidation of a principal asset, to the extent provided in sections 14-7410 through
14-7424.

5. " Income beneficiary" means a person to whom net income of a trust is or may be
payable.

6. " Income interest" means the right of an income beneficiary to receive all or
part of net income, whether the terms of the trust require it to be distributed or
authorize it to be distributed in the trustee's discretion.

7. " Mandatory income interest" means the right of an income beneficiary to receive
net income that the terms of the trust require the fiduciary to distribute.

8. " Net income" means the total receipts allocated to income during an accounting
period minus the disbursements made from income during the period, plus or minus
transfers under this article to or from income during the period.

9. " Person" means any individual, corporation, business trust, estate, trust,
partnership, limited liability company, association, joint venture, government,
governmental subdivision, agency or instrumentality, public corporation or other legal or
commercial entity.

10. " Principal" means property held in trust for distribution to a remainder
beneficiary when the trust terminates.

11. " Remainder beneficiary " means a person entitled to receive principal when an
income interest ends.

12. " Terms of a trust" means the manifestation of the intent of a settlor or
decedent with respect 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 not
appointed or confirmed by a court.