Effective 7/1/2020 75-7-103 Definitions. (1) In this chapter:
(a) "Action," with respect to an act of a trustee, includes a failure to act. (b) "Beneficiary" means a person that:
(i) has a present or future beneficial interest in a trust, vested or contingent; or (ii) in a capacity other than that of trustee, holds a power of appointment over trust property.
(c) "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in Subsection 75-7-405(1).
(d) "Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment.
(e) "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust.
(f) "Jurisdiction," with respect to a geographic area, includes a state or country. (g) "Power of withdrawal" means a presently exercisable general power of appointment other
than a power exercisable only upon consent of the trustee or a person holding an adverse interest.
(h) "Qualified beneficiary" means a beneficiary who, on the date the beneficiary's qualification is determined:
(i) is a current distributee or permissible distributee of trust income or principal; or (ii) would be a distributee or permissible distributee of trust income or principal if the trust
terminated on that date. (i) "Resident estate" or "resident trust"means:
(i) an estate of a decedent who at death was domiciled in this state; (ii) a trust, or a portion of a trust, consisting of property transferred by will of a decedent who at
his death was domiciled in this state; or (iii) a trust administered in this state.
(j) "Revocable," as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
(k) "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.
(l) "Spendthrift provision" means a term of a trust which restrains both voluntary and involuntary transfer or encumbrance of a beneficiary's interest.
(m) "Terms of a trust" means: (i) except as otherwise provided in Subsection (1)(m)(ii), the manifestation of the settlor's intent
regarding a trust's provisions as: (A) expressed in the trust instrument; or (B) established by other evidence that would be admissible in a judicial proceeding;
(ii) the trust's provisions as established, determined, or amended by: (A) a trustee or trust director in accordance with the applicable law; (B) court order; or (C) a nonjudicial settlement agreement under Section 75-7-110.
(n) "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto.
(2) Terms not specifically defined in this section have the meanings provided in Section 75-1-201.
Amended by Chapter 348, 2020 General Session