[§557A-102]  Definitions.  As used in
this chapter, unless the context otherwise requires:



"Accounting period" means a calendar
year unless another twelve-month period is selected by a fiduciary.  The term
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.



"Beneficiary" includes, in the case
of a decedent's estate, an heir and devisee and, in the case of a trust, an
income beneficiary and a remainder beneficiary.



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



"Income" means money or property a
fiduciary receives as the current return from a principal asset.  The term
includes a portion of the receipts from a sale, exchange, or liquidation of a
principal asset, to the extent provided in article 4.



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



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



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



"Net income" means the total receipts
allocated to income during an accounting period minus the disbursements made
from income during the period.  Receipts and disbursements include items
transferred to or from income during the period under this chapter.



"Person" means an individual,
corporation, business trust, estate, trust, partnership, limited liability
company, association, joint venture, or any other legal or commercial entity. 
The term does not include a government or governmental subdivision, agency, or
instrumentality.



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



"Remainder beneficiary" means a
person, including another trust, entitled to receive principal when an income
interest ends.



"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.



"Trustee" includes an original,
additional, or successor trustee, whether or not appointed or confirmed by a
court. [L 2000, c 191, pt of §1]