[§554A-1]  Definitions.  As used in this
chapter:



"Prudent person" means a trustee
whose exercise of trust powers is reasonable and equitable in view of the
interests of income or principal beneficiaries, or both, and in view of the
manner in which persons of ordinary prudence, diligence, discretion, and
judgment would act in the management of their own affairs.



"Trust" means an express trust
created by a trust instrument including a will, whereby a trustee has the duty
to administer a trust asset for the benefit of a named or otherwise described
income or principal beneficiary, or both.  "Trust" does not include a
resulting or constructive trust, a business trust which provides for
certificates to be issued to the beneficiary, an investment trust, a voting
trust, a security instrument, a trust created by the judgment or decree of a
court, a liquidation trust, or a trust for the primary purpose of paying
dividends, interest, interest coupons, salaries, wages, pensions or profits, or
employee benefits of any kind, an instrument wherein a person is nominee or
escrowee for another, a trust created in deposits in any financial institution,
or any other trust the nature of which does not admit of general trust
administration.



"Trustee" means an original, added,
or successor trustee. [L 1985, c 61, pt of §1]