469.401. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

469.401. As used in sections 469.401 to 469.467, the following termsmean:

(1) "Accounting period", a calendar year unless another twelve-monthperiod is selected by a fiduciary. The term includes a portion of a calendaryear or other twelve-month period that begins when an income interest beginsor ends when an income interest ends;

(2) "Beneficiary", an heir, legatee and devisee of a decedent's estate,and an income beneficiary and a remainder beneficiary of a trust, includingany type of entity that has a beneficial interest in either an estate or atrust;

(3) "Fiduciary", a personal representative, trustee, executor,administrator, successor personal representative, special administrator andany other person performing substantially the same function;

(4) "Income", money or property that a fiduciary receives as currentreturn from a principal asset, including a portion of receipts from a sale,exchange or liquidation of a principal asset, as provided in sections 469.423to 469.449;

(5) "Income beneficiary", a person to whom net income of a trust is ormay be payable;

(6) "Income interest", the right of an income beneficiary to receive allor part of net income, whether the terms of the trust require it to bedistributed or authorize it to be distributed in the trustee's discretion;

(7) "Mandatory income interest", the right of an income beneficiary toreceive net income that the terms of the trust require the fiduciary todistribute;

(8) "Net income", if section 469.411 applies to the trust, the unitrustamount, or if section 469.411 does not apply to the trust, the total receiptsallocated to income during an accounting period minus the disbursements madefrom income during the same period, plus or minus transfers pursuant tosections 469.401 to 469.467 to or from income during the same period;

(9) "Person", an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture,government, governmental subdivision, agency, or instrumentality, publiccorporation or any other legal or commercial entity;

(10) "Principal", property held in trust for distribution to a remainderbeneficiary when the trust terminates;

(11) "Qualified beneficiary", a beneficiary defined in section456.1-103, RSMo;

(12) "Remainder beneficiary", a person entitled to receive principalwhen an income interest ends;

(13) "Terms of a trust", the manifestation of the settlor's ordecedent's intent expressed in a manner which is admissible as proof in ajudicial proceeding, whether by written or spoken words or by conduct;

(14) "Trustee", an original, additional or successor trustee, whether ornot appointed or confirmed by a court;

(15) "Unitrust amount", net income as defined by section 469.411.