Section 75B-1-301 - Definitions for partAs used in this part:
(1) "Creditor" means: (a) a creditor or other claimant of the settlor existing when the trust is created; or(b) a person who subsequently becomes a creditor, including whether or not reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured:(i) holding or seeking to enforce a judgment entered by a court or other body having adjudicative authority; or(ii) with a right to payment.(2) "Domestic support obligation" means:(a) a child support judgment or order;(b) a spousal support judgment or order; or(c) an unsatisfied claim arising from a property division in a divorce proceeding.(3) "Insolvent" means:(a) having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute;(b) being unable to pay debts as they become due; or(c) being insolvent within the meaning of federal bankruptcy law.(4) "Paid and delivered" does not include the settlor's use or occupancy of real property or personal property owned by the trust if the use or occupancy is in accordance with the trustee's discretionary authority under the trust instrument.(5) "Personal property" includes intangible and tangible personal property.(6) "Property" means real property, personal property, and interests in real or personal property.(7) "Settlor" means a person who transfers property in trust.(8) "Transfer" means any form of transfer of property, including gratuitous transfers, whether by deed, conveyance, or assignment.(9) "Trust" means the same as that term is defined in Section 75-1-201.Added by Chapter 364, 2024 General Session ,§ 236, eff. 9/1/2024.