2006 Louisiana Laws - RS 9:1725 — Definitions

§1725.  Definitions

Except when the context clearly indicates otherwise, as used in this Code:

(1)  "Affiliate" means a person directly or indirectly controlling or controlled by another person, or a person under direct or indirect common control with another person.  It includes a person with whom a trustee has an express or implied agreement regarding the purchase of trust investment by each from the other directly or indirectly, except a broker or stock exchange.  

(2)  "Income beneficiary" means a beneficiary to whom income is payable, presently, conditionally, or in the future, or for whom it is accumulated, or who is entitled to the beneficial use of principal presently, conditionally, or in the future, for a time before its distribution.  

(3)  "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, or two or more persons having a joint or common interest.  

(4)  "Principal beneficiary" means a beneficiary presently, conditionally, or ultimately entitled to principal.  

(5)  "Proper court" in the case of an inter vivos trust means the district court of the parish designated by the settlor, or if no designation is made, the district court of the parish of the trustee's domicile when only one trustee is named, or when more than one trustee is named, or when the trustee is a nonresident, the district court of the parish where the principal trust property is located, but if the settlor has named two or more trustees in the trust instrument and they are domiciled in the same parish, the district court of the trustee's domicile shall be the proper court.  If the settlor designates the court, he shall designate:  (a) the district court of the parish of the domicile of the trustee; (b) the district court of the parish of the domicile of the settlor; or (c) the district court of the parish where the principal trust property is located.  "Proper court" in the case of a testamentary trust means the district court having jurisdiction of the settlor's succession.  

(6)  "Relative" means a spouse, ascendant, descendant, brother, or sister.  

(7)  "Spendthrift trust," when used without other qualifying words, means a trust under which alienation by a beneficiary of an interest in income or principal is restricted to the full extent permitted by this Code.

(8)  "Trust instrument" means the written document creating the trust and all amendments and modifications thereof.  

Amended by Acts 1972, No. 656, §1.