55-1-24. Definitions applicable to §§ 55-1-24 to 55-1-45.

187 words·~1 min read·/sd/title-55/chapter-55-1/55-1-24

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

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.