Section 1302 - DefinitionsAs used in this chapter:
(1) "Breach of trust" means 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.(2) "Directed trust" means a trust for which the terms of the trust grant a power of direction.(3) "Directed trustee" means a trustee that is subject to a trust director's power of direction.(4) "Person" means an individual; estate; business or nonprofit entity; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity.(5) "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. The term 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 subsection 1305(b) of this title.(6) "Settlor" has the same meaning as in subdivision 103(20) of this title.(7) "State" means a state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States.(8) "Terms of a trust" means: (A) except as otherwise provided in subdivision (B) of this subdivision (8), the manifestation of the settlor's intent regarding a trust's provisions as:(i) expressed in the trust instrument; or(ii) established by other evidence that would be admissible in a judicial proceeding; or(B) the trust's provisions as established, determined, or amended by:(i) a trustee or trust director in accordance with applicable law;(iii) a nonjudicial settlement agreement under section 111 of this title.(9) "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.(10) "Trustee" has the same meaning as in subdivision 103(20) of this title.Added by 2024, No. 104,§ 1, eff. 5/13/2024.