55-1-24. Definitions applicable to §§55-1-24 to 55-1-45.
Terms used in §§55-1-24 to 55-1-45, inclusive, mean:
(1)"Beneficial interest," is limited to mean a distribution interest or a remainder interest. A beneficial interest specifically excludes a power of appointment or a power reserved by the settlor;
(2)"Distribution beneficiary," a beneficiary who is an eligible distributee or permissible distributee of trust income or principal;
(3)"Distribution interest," a distribution interest held by a distribution beneficiary. A distribution interest may be a current distribution interest or a future distribution interest. A distribution interest may be classified as a mandatory interest, a support interest, or a discretionary interest;
(4)"Power of appointment," as defined in §55-1-12;
(5)"Reach," with respect to a distribution interest or power, to subject the distribution interest or power to a judgment, decree, garnishment, attachment, execution, levy, creditor's bill or other legal, equitable, or administrative process, relief, or control of any court, tribunal, agency, or other entity as provided by law;
(6)"Remainder interest," an interest where a trust beneficiary receives the property outright at some time during the future;
(7)"Reserved power," a power held by the settlor.
Source: SL 2007, ch 280, §1; SL 2008, ch 257, §2; SL 2009, ch 252, §2; SL 2011, ch 212, §30; SL 2015, ch 240, §10; SL 2016, ch 231, §10.