Definitions

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  • As used in this chapter unless the context or subject matter otherwise requires—
  • “person” means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, an unincorporated organization, or two or more persons having a joint or common interest;
  • “trustee” includes trustees, a corporate as well as a natural person and a successor or substitute trustee;
  • “relative” means a spouse, ancestor, descendant, brother or sister;
  • “affiliate” means any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange; and
  • “trust” means an express trust only.


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