Title 53, Chapter 12, Section 2
As used in this chapter, the term:
(1) "Beneficiary" means a person for whose benefit property is
held in trust, regardless of the nature of the interest. A
beneficiary must be definitely ascertainable at the time of the
creation of the trust or definitely ascertainable within the
period of the rule against perpetuities.
(2) "Express trust" means a trust in which the settlor's intention to create the trust is expressly stated, and which meets the requirements of Code Section 53-12-20.
(3) "Implied trust" means a trust in which the settlor's intention to create the trust is implied from the circumstances, and which meets the requirements of Code Sections 53-12-90 through 53-12-93.
(4) "Interested person" means a trustee, beneficiary, or any other
person having an interest in or claim against the trust. This
meaning, as it relates to particular persons, may vary from time
to time and must be determined according to the particular
purposes of and matter involved in any proceeding.
(5) "Person" means an individual, a corporation, a partnership, an
association, a joint-stock company, a business trust, an
unincorporated organization, or two or more persons having a joint
or common interest, including an individual or a corporation
acting as a personal representative or in any other fiduciary
(6) "Property" means any type of property, whether real or
personal, tangible or intangible, legal or equitable. The term
also includes choses in action, claims, and contract rights,
including a contractual right to receive death benefits as
designated beneficiary under a policy of insurance, contract,
employees' trust, or other arrangement.
(7) "Settlor" means the person who creates the trust. The terms
"grantor" and "trustor" mean the same as "settlor."
(8) "Trust" means a fiduciary relationship with respect to
property arising from a settlor's intention to impose equitable
duties on a person to hold, manage, or otherwise administer that
property for the benefit of another person.
(9) "Trust instrument" means the document or documents that
manifest the elements and other details of a trust.
(10) "Trust property" means property placed in trust by the
settlor or property otherwise transferred to or acquired or
retained by the trustee for the trust. The terms "trust corpus"
and "trust res" mean the same as "trust property."
(11) "Trustee" means the person holding legal title to the
property in trust.