21-22-1. Definition of terms.

170 words·~1 min read·/sd/title-21/chapter-21-22/21-22-1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Terms used in this chapter mean:

(1)"Beneficiary," any person beneficially interested in the trust, as defined in subdivision 55-1-24(1) or who has a direct financial interest in the trust, including a creditor or claimant with any rights or claimed rights against the trust estate if the creditor or claimant demonstrates a previously asserted specific claim against the trust estate;

(2)"Court trust," any trust which is established or confirmed by the judgment, decree, or order of any court of record of this state or any foreign jurisdiction;

(3)"Fiduciary," a trustee, custodian, enforcer, trust advisor, trust protector, or trust committee, as named in the governing instrument or order of court, regardless of whether such person is acting in a fiduciary or nonfiduciary capacity;

(4)"Other trust," any trust which is not a court trust;

(5)"Supervision," the supervision of the circuit court over the administration of a trust as provided in this chapter;

(6)"Trustee," the trustee or trustees of any trust which may be supervised under this chapter.