Section 59-09-03 - (103) DefinitionsAny term not specifically defined in this section has the meaning provided in title 30.1. Unless the context otherwise requires, in chapters 59-09, 59-10, 59-11, 59-12, 59-13, 59-14, 59-15, 59-16, 59-17, 59-18, and 59-19:
1. "Action", with respect to an act of a trustee, includes a failure to act.2. "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code.3. "Beneficiary" means a person that:a. Has a present or future beneficial interest in a trust, vested or contingent, including the owner of an interest by assignment or transfer; orb. In a capacity other than that of a trustee, holds a power of appointment over trust property.4. "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in subsection 1 of section 59-12-05.5. "Conservator" is as defined in section 30.1-01-06.6. "Distributee" means any person who receives property of a trust from a trustee, other than as a creditor or purchaser.7. "Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment.8. "Guardian" is as defined in section 30.1-01-06.9. "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust.10. "Internal Revenue Code" means the Internal Revenue Code of 1986, or corresponding future provisions of federal tax law.11. "Irrevocable" means if used in reference to a trust, a trust that is not revocable, including a formerly revocable trust that has become irrevocable, whether by the death of a settlor or otherwise.12. "Jurisdiction", with respect to a geographic area, includes a state or country.13. "Permissible distributee" means a beneficiary who is currently eligible to receive distributions of trust income or principal, whether the distribution is mandatory or discretionary. 14. "Power of withdrawal" means a presently exercisable general power of appointment other than a power:a. Exercisable by a trustee and limited by an ascertainable standard; orb. Exercisable by another person only upon consent of the trustee or a person holding an adverse interest.15. "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein.16. "Qualified beneficiary":a. Means a beneficiary who, on the date the beneficiary's qualification is determined: (1) Is a permissible distributee of trust income or principal;(2) Would be a permissible distributee of trust income or principal if the interests of the distributees described in paragraph 1 terminated on that date without causing the trust to terminate; or(3) Would be a permissible distributee of trust income or principal if the trust terminated on that date.b. Does not include a contingent distributee or a contingent permissible distributee of trust income or principal whose interest in the trust is not reasonably expected to vest.17. "Record" means information that is enshrined on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.18. "Revocable", as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.19. "Settlor" means a person, including a testator, that creates, or contributes property to a trust and 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.20. "Signed" means: a. That the signature of a person, which may be a facsimile affixed, engraved, printed, placed, stamped with indelible ink, transmitted by a facsimile telecommunication or electronically, or in any other manner reproduced on the record, is placed on a record or instrument with the present intention to authenticate the record or instrument.b. With respect to a record or instrument required by this chapter to be filed with the clerk of court, that: (1) The record or instrument has been signed by a person authorized to do so by this chapter or by the trust instrument; and(2) The signature and the record or instrument are communicated by a method or medium acceptable to the clerk of court.21. "Special needs trust" means special needs trust as defined in section 59-08-01.22. "Spendthrift provision" means a term of a trust which restrains either the voluntary or involuntary or both the voluntary and involuntary transfer of a beneficiary's interest and does not include or prevent a disclaimer of an interest of a beneficiary.23. "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.24. "Terms of a trust" means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding.25. "Trust instrument" means a record signed by the settlor that contains terms of the trust, including any amendments to the record and any modifications permitted by court order or by binding nonjudicial settlement agreement.26. "Trustee" includes an original, additional, and successor trustee, and a cotrustee, whether or not appointed or confirmed by a court.