§ 37A-1-102. Definitions. - North Carolina Statutes

§ 37A‑1‑102. Definitions.

The following definitionsapply in this Chapter:

(1)        "Accountingperiod" means a calendar year unless another 12‑month period isselected by a fiduciary. The term includes a portion of a calendar year orother 12‑month period that begins when an income interest begins or endswhen an income interest ends.

(2)        "Beneficiary"includes, in the case of a decedent's estate, an heir, legatee, and deviseeand, in the case of a trust, an income beneficiary and a remainder beneficiary.

(3)        "Fiduciary"means a personal representative or a trustee. The term includes an executor,administrator, successor personal representative, special administrator, and aperson performing substantially the same function.

(4)        "Income"means money or property that a fiduciary receives as current return from aprincipal asset. The term includes a portion of receipts from a sale, exchange,or liquidation of a principal asset, to the extent provided in Article 4 ofthis Chapter.

(5)        "Incomebeneficiary" means a person to whom net income of a trust is or may bepayable.

(6)        "Incomeinterest" means the right of an income beneficiary to receive all or partof net income, whether the terms of the trust require it to be distributed orauthorize it to be distributed in the trustee's discretion.

(7)        "Mandatoryincome interest" means the right of an income beneficiary to receive netincome that the terms of the trust require the fiduciary to distribute.

(8)        "Netincome" means the total receipts allocated to income during an accountingperiod minus the disbursements made from income during the period, plus orminus transfers under this Chapter to or from income during the period.

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

(10)      "Principal"means property held in trust for distribution to a remainder beneficiary whenthe trust terminates.

(11)      "Remainderbeneficiary" means a person entitled to receive principal when an incomeinterest ends.

(12)      "Terms of atrust" means the manifestation of the intent of a settlor or decedent withrespect to the trust, expressed in a manner that admits of its proof in ajudicial proceeding, whether by written or spoken words or by conduct.

(13)      "Trustee"includes an original, additional, or successor trustee, whether or notappointed or confirmed by a court. (2003‑232, s. 2.)