Definitions. For the purposes of this chapter: (1) Ascertainable standard means an ascertainable standard relating to an individuals health, education, support or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code, as in effect on January 1, 2006. (2) Beneficiary means a person that: (a) Has a present or future beneficial interest in a trust, whether vested or contingent; or (b) Holds a power of appointment over trust property in a capacity other than that of trustee. (3) Charitable trust means a trust, or portion of a trust, described in ORS 130.170 (1). (4) Conservator means a person appointed by a court to administer the estate of a minor or adult individual. (5) Environmental law means a federal, state or local law, rule, regulation or ordinance relating to protection of the environment. (6) Financial institution has the meaning given that term in ORS 706.008. (7) Financially incapable has the meaning given that term in ORS 125.005. Financially capable means not financially incapable. (8) Guardian means a person appointed by a court to make decisions regarding the support, care, education, health and welfare of a minor or adult individual. Guardian does not include a guardian ad litem. (9) Interests of the beneficiaries means the beneficial interests provided in the terms of a trust. (10) Permissible distributee means a beneficiary who is currently eligible to receive distributions of trust income or principal, whether the distribution is mandatory or discretionary. (11) Person means an individual, corporation, business trust, partnership, limited liability company, association, joint venture, public body as defined in ORS 174.109 or any other legal or commercial entity. (12) Power of withdrawal means a presently exercisable general power of appointment, other than a power exercisable by a trustee that is limited by an ascertainable standard or that is exercisable by another person only upon consent of the trustee or a person holding an adverse interest. (13) Property means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. (14) Qualified beneficiary means a beneficiary who: (a) Is a permissible distributee on the date the beneficiarys qualification is determined; (b) Would be a permissible distributee if the interests of all permissible distributees described in paragraph (a) of this subsection terminated on the date the beneficiarys qualification is determined; or (c) Would be a permissible distributee if the trust terminated on the date the beneficiarys qualification is determined. (15) Remote interest beneficiary means a beneficiary of a trust whose beneficial interest in the trust, at the time the determination of interest is made, is contingent upon the successive terminations of both the interest of a qualified beneficiary and the interest of a secondary beneficiary whose interests precede the interest of the remote interest beneficiary. (16) Revocable trust means a trust that can be revoked by the settlor without the consent of the trustee or a person holding an adverse interest. (17) Secondary beneficiary means a beneficiary, other than a qualified beneficiary, whose beneficial interest in the trust, at the time the determination of interest is made, is contingent solely upon the termination of all qualified beneficiary interests that precede the interest of the secondary beneficiary. (18) Settlor means a person, including a testator, who creates a trust 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 persons contribution and of the portion as to which that person has the power to revoke or withdraw. (19) Spendthrift provision means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiarys interest. (20) 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. State includes an Indian tribe or band recognized by federal law or formally acknowledged by a state. (21) Terms of a trust means the manifestation of the settlors intent regarding a trusts provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. (22) Trust instrument means an instrument executed by a settlor that contains terms of the trust, including any amendments to the instrument. (23) Trustee means an original trustee, an additional trustee, a successor trustee or a cotrustee.
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