As used in this part 4, unless the context otherwise requires:
"Accounting period" means a calendar year unless another twelve-month period isselected 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, inthe 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 that a fiduciary receives as current return from aprincipal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in subpart 4 of this part 4.
"Income beneficiary" means a person to whom net income of a trust is or may bepayable.
"Income interest" means the right of an income beneficiary to receive all or part ofnet 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 the right of an income beneficiary to receive netincome 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, plus or minus transfers under this part 4 to or from income during the period.
"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.
"Principal" means property held in trust for distribution to a remainder beneficiarywhen the trust terminates.
(10.5) "Qualified beneficiary" means a beneficiary who, on the date the beneficiary's qualification is determined:
Is a distributee or a permissible distributee of trust income or principal;
Would be a distributee or permissible distributee of trust income or principal if theinterest of the distributees described in paragraph (a) of this subsection (10.5) terminated on that date; or
Would be a distributee or permissible distributee of trust income or principal if thetrust terminated on said date.
"Remainder beneficiary" means a person entitled to receive principal when an income interest ends.
"Terms of a trust" means the manifestation of the intent of a settlor or decedent withrespect 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.
(12.5) "Total return trust" means a trust that is converted to a total return trust pursuant to section 15-1-404.5 or a trust the terms of which manifest the settlor's intent that the trustee will administer the trust in accordance with section 15-1-404.5 (4) and (4.5).
"Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
Source: L. 2000: Entire part R&RE, p. 1128, § 1, effective July 1, 2001. L. 2003: (10.5) and (12.5) added, p. 2102, § 1, effective May 22.
Editor's note: This section is similar to former § 15-1-403 as it existed prior to 2001.