Terms Used In Maine Revised Statutes Title 18-C Sec. 7-402

• Accounting period: includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. See Maine Revised Statutes Title 18-C Sec. 7-402
• 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}
• Beneficiary: includes , in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Maine Revised Statutes Title 18-C Sec. 7-402
• 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.
• Decedent: A deceased person.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function. See Maine Revised Statutes Title 18-C Sec. 7-402
• Income: includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in subpart 4. See Maine Revised Statutes Title 18-C Sec. 7-402
• Income beneficiary: means a person to whom net income of a trust is or may be payable. See Maine Revised Statutes Title 18-C Sec. 7-402
• Income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Maine Revised Statutes Title 18-C Sec. 7-402
• Mandatory income interest: means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Maine Revised Statutes Title 18-C Sec. 7-402
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this Part to or from income during the period. See Maine Revised Statutes Title 18-C Sec. 7-402
• 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.
• Person: means 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. See Maine Revised Statutes Title 18-C Sec. 7-402
• Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Maine Revised Statutes Title 18-C Sec. 7-402
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remainder beneficiary: means a person entitled to receive principal when an income interest ends. See Maine Revised Statutes Title 18-C Sec. 7-402
• Terms of a trust: means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Maine Revised Statutes Title 18-C Sec. 7-402
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. See Maine Revised Statutes Title 18-C Sec. 7-402
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72