For purposes of this chapter, the following definitions shall apply:
(a)“Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter pertaining to trusts.
(b)“Directed trust” means a trust for which the terms of the trust grant a power of direction.
(c)“Directed trustee” means a trustee that is subject to a trust director’s power of direction.
(d)“Power of
direction” means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. Power of direction includes a power over the investment, management, or distribution of trust property or other matters
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For purposes of this chapter, the following definitions shall apply:
(a)
“Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter pertaining to trusts.
(b)
“Directed trust” means a trust for which the terms of the trust grant a power of direction.
(c)
“Directed trustee” means a trustee that is subject to a trust director’s power of direction.
(d)
“Power of
direction” means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. Power of direction includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in subdivision (a) of Section 16606.
(e)
“Settlor” means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to
the extent another person has the power to revoke or withdraw that portion.
(f)
“Terms of a trust” means either of the following:
(1)
The manifestation of the settlor’s intent regarding a trust’s provisions as expressed in the trust instrument or established by other evidence that has been admitted in a judicial proceeding.
(2)
The trust’s provisions as established, determined, or amended by a trustee or trust director in accordance with applicable law, the exercise of a power of appointment in accordance with applicable law, a court order, or other binding modification, including, but not limited to, under Section 15404.
(g)
“Trust director” means a person that is
granted a power of direction by the terms of a trust, to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.