§ 1302. Definitions
As 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;
(ii) a court order; or
(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 2023, No. 104 (Adj. Sess.), § 1, eff. May 13, 2024.)