As used in this part 9, unless the context otherwise
requires:
(1) Appointive property means the property or property interest subject to
a power of appointment.
(2) Ascertainable standard means a standard relating to an individual's
health, education, support, or maintenance within the meaning of 26 U.S.C. sec.
2041 (b)(1)(A), as amended, or 26 U.S.C. sec. 2514 (c)(1), as amended, and any
applicable regulations.
(3) Authorized fiduciary means:
(a) A trustee or other fiduciary, other than a settlor, that has discretion to
distribute or direct a trustee to distribute part or all of the principal of the first trust
to one or more current beneficiaries;
(b) A special fiduciary appointed under section 15-16-909; or
(c) A special-needs fiduciary under section 15-16-913.
(4) Beneficiary means a person that:
(a) Has a present or future, vested or contingent, beneficial interest in a
trust;
(b) Holds a power of appointment over trust property; or
(c) Is an identified charitable organization that will or may receive
distributions under the terms of the trust.
(5) Charitable interest means an interest in a trust which:
(a) Is held by an identified charitable organization and makes the
organization a qualified beneficiary;
(b) Benefits only charitable organizations and, if the interest were held by an
identified charitable organization, would make the organization a qualified
beneficiary; or
(c) Is held solely for charitable purposes and, if the interest were held by an
identified charitable organization, would make the organization a qualified
beneficiary.
(6) Charitable organization means:
(a) A person, other than an individual, organized and operated exclusively for
charitable purposes; or
(b) A government or governmental subdivision, agency, or instrumentality, to
the extent it holds funds exclusively for a charitable purpose.
(7) Charitable purpose means the relief of poverty, the advancement of
education or religion, the promotion of health, a municipal or other governmental
purpose, or another purpose, the achievement of which is beneficial to the
community.
(8) Court means the court in this state having jurisdiction in matters
relating to trusts.
(9) Current beneficiary means a beneficiary that on the date the
beneficiary's qualification is determined is a distributee or permissible distributee
of trust income or principal. The term includes the holder of a presently exercisable
general power of appointment but does not include a person that is a beneficiary
only because the person holds any other power of appointment.
(10) Decanting power or the decanting power means the power of an
authorized fiduciary under this part 9 to distribute property of a first trust to one or
more second trusts or to modify the terms of the first trust.
(11) Expanded distributive discretion means a discretionary power of
distribution that is not limited to an ascertainable standard or a reasonably definite
standard.
(12) First trust means a trust over which an authorized fiduciary may
exercise the decanting power.
(13) First-trust instrument means the trust instrument for a first trust.
(14) General power of appointment means a power of appointment
exercisable in favor of a powerholder, the powerholder's estate, a creditor of the
powerholder, or a creditor of the powerholder's estate.
(15) Jurisdiction, with respect to a geographic area, includes a state or
country.
(16) Person means an individual, estate, business or nonprofit entity, public
corporation, government or governmental subdivision, agency, or instrumentality, or
other legal entity.
(17) Power of appointment means a power that enables a powerholder
acting in a nonfiduciary capacity to designate a recipient of an ownership interest in
or another power of appointment over the appointive property. The term does not
include a power of attorney.
(18) Powerholder means a person in which a donor creates a power of
appointment.
(19) Presently exercisable power of appointment means a power of
appointment exercisable by the powerholder at the relevant time. The term:
(a) Includes a power of appointment exercisable only after the occurrence of
a specified event, the satisfaction of an ascertainable standard, or the passage of a
specified time only after:
(I) The occurrence of the specified event;
(II) The satisfaction of the ascertainable standard; or
(III) The passage of the specified time; and
(b) Does not include a power exercisable only at the powerholder's death.
(20) Qualified beneficiary means a beneficiary that on the date the
beneficiary's qualification is determined:
(a) Is a distributee or permissible distributee of trust income or principal;
(b) Would be a distributee or permissible distributee of trust income or
principal if the interests of the distributees described in paragraph (a) of this
subsection (20) terminated on that date without causing the trust to terminate; or
(c) Would be a distributee or permissible distributee of trust income or
principal if the trust terminated on that date.
(21) Reasonably definite standard means a clearly measurable standard
under which a holder of a power of distribution is legally accountable within the
meaning of 26 U.S.C. sec. 674 (b)(5)(A), as amended, and any applicable regulations.
(22) Record means information that is inscribed on a tangible medium or
that is stored in an electronic or other medium and is retrievable in perceivable
form.
(23) Second trust means:
(a) A first trust after modification under this part 9; or
(b) A trust to which a distribution of property from a first trust is or may be
made under this part 9.
(24) Second-trust instrument means the trust instrument for a second
trust.
(25) Settlor, except as otherwise provided in section 15-16-925, means a
person, including a testator, that 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 the person's contribution except
to the extent another person has power to revoke or withdraw that portion.
(26) Sign means, with present intent to authenticate or adopt a record:
(a) To execute or adopt a tangible symbol; or
(b) To attach to or logically associate with the record an electronic symbol,
sound, or process.
(27) State means a state of the United States, the District of Columbia,
Puerto Rico, the United States Virgin Islands, or any territory or insular possession
subject to the jurisdiction of the United States.
(28) Terms of the trust means the manifestation of the settlor's intent
regarding a trust's provisions as expressed in the trust instrument, as may be
established by other evidence that would be admissible in a judicial proceeding, or
as may be established by court order or nonjudicial settlement agreement.
(29) Trust instrument means a record executed by the settlor to create a
trust or by any person to create a second trust which contains some or all of the
terms of the trust, including any amendments.