Section 55-16-1 - DefinitionsTerms used in this chapter mean:
(1) "Claim," a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;(2) "Creditor," with respect to a transferor, a person who has a claim;(3) "Debt," liability on a claim;(4) "Disposition," a transfer, conveyance, or assignment of property, including a change in the legal ownership of property occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition;(5) "Property," real property, personal property, and interests in real or personal property;(6) "Qualified disposition," a disposition by or from a transferor to a qualified person or qualified persons, without consideration or for less than fair market value, by means of a trust instrument;(7) "Spouse" and "former spouse," only persons to whom the transferor was married at, or before, the time the qualified disposition is made;(8) "Transferor," any person as an owner of property; as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate; or as a trustee, directly or indirectly, makes a disposition or causes a disposition to be made.The terms, transferor and beneficiary, may be any person as defined in subdivision 55-4-1(2).
SL 2005, ch 261, §1; SL 2015, ch 240, § 20; SL 2018, ch 275, §28.Amended by S.L. 2018, ch. 275,s. 28, eff. 7/1/2018.Amended by S.L. 2015, ch. 240,s. 20, eff. 7/1/2015.