LD 921
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LR 466
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subdivision, agency or instrumentality; public corporation; or any
other legal or commercial entity.

 
10.__Power of withdrawal.__"Power of withdrawal" means a
presently exercisable general power of appointment other than a
power exercisable only upon consent of the trustee or a person
holding an adverse interest.

 
11.__Property.__"Property" means anything that may be the
subject of ownership, whether real or personal, legal or
equitable, or any interest therein.

 
12.__Qualified beneficiary.__"Qualified beneficiary" means a
beneficiary who on the date the beneficiary's qualification is
determined:

 
A.__Is a distributee or permissible distributee of trust
income or principal;

 
B.__Would be a distributee or permissible distributee of
trust income or principal if the interests of the
distributees described in paragraph A terminated on that
date; or

 
C.__Would be a distributee or permissible distributee of
trust income or principal if the trust terminated on that
date.

 
"Qualified beneficiary" does not include a contingent distributee
or a contingent permissible distributee of trust income or
principal whose interest in the trust is not reasonably expected
to vest.

 
13.__Revocable.__"Revocable," as applied to a trust, means
revocable by the settlor without the consent of the trustee or a
person holding an adverse interest.

 
14.__Settlor.__"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.

 
15.__Spendthrift provision.__"Spendthrift provision" means a
term of a trust that restrains both voluntary and involuntary
transfer of a beneficiary's interest.

 
16.__State.__"State" means a state of the United States, the
District of Columbia, Puerto Rico, the United States Virgin


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