As used in this act: 1. "Action", with respect to an act of a trustee, includes a failure to act; 2. "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on the effective date of this act, or as later amended; 3. "Beneficiary" means a person who: a. has a present or future beneficial interest in a trust, vested or contingent, or b. in a capacity other than that of trustee, holds a power of appointment over trust property; 4. "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in subsection A of Section 24 of this act; 5. "Environmental law" means a federal, state, or local law, rule, regulation, or ordinance relating to the protection of the environment; 6. "Guardian of the property" means a person appointed by the court to administer the estate of a minor or adult individual; 7. "Guardian of the person" means a person appointed by the court to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. The term does not include a guardian ad litem; 8. "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust; 9. "Jurisdiction", with respect to a geographic area, includes a state or country; 10. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity; 11. "Power of withdrawal" means a presently exercisable general power of appointment other than a power: a. exercisable by a trustee and limited by an ascertainable standard, or b. exercisable by another person only upon consent of the trustee or a person holding an adverse interest; 12. "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein; 13. "Qualified beneficiary" means a beneficiary who, on the date the beneficiary's qualification is determined: a. is a distributee or permissible distributee of a present interest in the trust income or principal, or has a vested remainder in the trust, b. is a charitable organization expressly entitled to receive benefits under the terms of a charitable trust, or c. is the Attorney General of this state with respect to a charitable trust having its principal place of administration in this state; 14. "Revocable", as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest; 15. "Settlor" means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion; 16. "Spendthrift provision" means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary's interest; 17. "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a state; 18. "Terms of a trust" means: a. except as otherwise provided in subparagraph b of this paragraph, the manifestation of the settlor's intent regarding a trust's provisions as: (1) expressed in the trust instrument, or (2) established by other evidence that would be admissible in a judicial proceeding, or b. the trust's provisions, as established, determined, or amended by: (1) a trustee or other person in accordance with applicable law, (2) a court order, or (3) a nonjudicial settlement agreement under Section 1402 of Title 60 of the Oklahoma Statutes; 19. "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto; and 20. "Trustee" includes an original, additional, and successor trustee, and a co-trustee.
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