55-16-1. Definitions.

271 words·~1 min read·/sd/title-55/chapter-55-16/55-16-1

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)"Claim," a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;

(2)"Creditor," with respect to a transferor, a person who has a claim;

(3)"Debt," liability on a claim;

(4)"Disposition," a transfer, conveyance, or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition;

(5)"Property," real property, personal property, and interests in real or personal property;

(6)"Qualified disposition," a disposition by or from a transferor to a qualified person or qualified persons, without consideration or for less than fair market value, by means of a trust instrument;

(7)"Spouse" and "former spouse," only persons to whom the transferor was married at, or before, the time the qualified disposition is made;

(8)"Transferor," any person as an owner of property; as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or as a trustee, directly or indirectly, makes a disposition or causes a disposition to be made.

The terms, transferor and beneficiary, may be any person as defined in subdivision 55-4-1(2).