Massachusetts General Laws ch. 203E sec. 103 – Definitions
Section 103. Definitions
Terms Used In Massachusetts General Laws ch. 203E sec. 103
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
In this chapter the following words shall, unless the context clearly requires otherwise, have the following meanings:—
”Action”, with respect to an act of a trustee, includes a failure to act.
”Ascertainable standard”, a standard relating to an individual’s health, education, support or maintenance.
”Beneficiary”, a person who has a present or future beneficial interest in a trust, vested or contingent.
”Charitable trust”, a trust, or portion of a trust, created for a charitable purpose described in subsection (a) of section 405.
”Environmental law”, a federal, state or local law, rule, regulation or ordinance relating to protection of the environment.
”Interests of the beneficiaries”, the beneficial interests provided in the terms of the trust.
”Jurisdiction”, a geographic area, including a state or country.
”Person”, an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity.
”Property”, anything that may be the subject of ownership, whether real, personal, legal, equitable or any interest therein.
”Qualified beneficiary”, a beneficiary who, on the date the beneficiary’s qualification is determined:
(i) is a distributee or permissible distributee of trust income or principal; or
(ii) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.
”Revocable”, a trust that is revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
”Settlor”, 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.
”Spendthrift provision”, a term of a trust which restrains transfer of a beneficiary’s interest.
”State”, a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States, including an Indian tribe or band recognized by federal law or formally acknowledged by a state.
”Terms of a trust”, the manifestation of the settlor’s intent regarding a trust’s provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding.
”Trust instrument”, an instrument that contains terms of the trust, including any amendments thereto.
”Trustee”, an original, additional or successor trustee or a co-trustee.