Section 55-1-24 - Definitions applicable to sections 55-1-24 to 55-1-45Terms 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. SL 2007, ch 280, §1; SL 2008, ch 257, §2; SL 2009, ch 252, §2; SL 2011, ch 212, §30; SL 2015, ch 240, § 10; SL 2016, ch 231, §10.Amended by S.L. 2016, ch. 231,s. 10, eff. 7/1/2016.Amended by S.L. 2015, ch. 240,s. 10, eff. 7/1/2015.