91-9-501 - Definitions. - Mississippi Statutes

§ 91-9-501. Definitions.
 

The following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise: 
 

(a) "Trust" means the following: 

(i) An express trust, private or charitable, with additions thereto, wherever and however created; or 

(ii) A trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. 

(b) "Trust" excludes the following: 

(i) Constructive trusts, other than those described in paragraph (a)(ii) of this section, and resulting trusts; 

(ii) Guardianships and conservatorships; 

(iii) Executors and administrators of decedent's estates; 

(iv) Totten trust accounts; 

(v) Custodial arrangements pursuant to the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act of any state; 

(vi) Business trusts that are taxed as partnerships or corporations; 

(vii) Investment trusts subject to regulation under the laws of this state or any other jurisdiction; 

(viii) Common trust funds; 

(ix) Voting trusts; 

(x) Security arrangements; 

(xi) Transfers in trust for purpose of suit or enforcement of a claim of right; 

(xii) Liquidation trusts; or 

(xiii) Any arrangement under which a person is nominee or escrowee for another. 

(c) "Trustee" means an original, additional, or successor trustee, whether or not appointed or confirmed by a court. 

(d) "Trust instrument" means a written instrument which creates, defines or determines a trust, including, but not limited to, a last will and testament of a decedent. 
 

Sources: Laws,  1998, ch. 460, § 1, eff from and after passage (approved March 23, 1998).