Maine Revised Statutes > Title 18-C > Article 7 – Trust Administration
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Terms Used In Maine Revised Statutes > Title 18-C > Article 7 - Trust Administration
- 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
- Agriculture: means the production, keeping or maintenance for sale or lease of plants or animals, including, but not limited to, forages and sod crops, grains and seed crops, dairy animals and dairy products, poultry and poultry products, livestock, fruits and vegetables and ornamental and greenhouse products. See Maine Revised Statutes Title 38 Sec. 436-A
- Amortization: Paying off a loan by regular installments.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Average final compensation: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Beneficiary: 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 Benefit: means any payment made, or required to be made, to a beneficiary under chapter 423, subchapter V or chapter 425, subchapter V. See Maine Revised Statutes Title 5 Sec. 17001 Board: means the board of trustees, established under section 12004?F, subsection 9, to administer the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001 Chief executive officer: means the Chief Executive Officer of the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001 Coastal sand dune systems: means sand and gravel deposits within a marine beach system, including, but not limited to, beach berms, frontal dunes, dune ridges, back dunes and other sand and gravel areas deposited by wave or wind action. See Maine Revised Statutes Title 38 Sec. 480-B Coastal wetlands: means all tidal and subtidal lands; all areas with vegetation present that is tolerant of salt water and occurs primarily in a salt water or estuarine habitat; and any swamp, marsh, bog, beach, flat or other contiguous lowland that is subject to tidal action during the highest tide level for the year in which an activity is proposed as identified in tide tables published by the National Ocean Service. See Maine Revised Statutes Title 38 Sec. 480-B Code: means the United States Internal Revenue Code of 1986, as amended. See Maine Revised Statutes Title 5 Sec. 17001 Commercial fishing activities: means activities directly related to commercial fishing and those commercial activities commonly associated with or supportive of commercial fishing, such as the manufacture or sale of ice, bait and nets, and the sale, manufacture, installation or repair of boats, engines and other equipment commonly used on boats. See Maine Revised Statutes Title 38 Sec. 436-A Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Common trust fund: means a trust or fund maintained by a bank or trust company exclusively for the collective investment or reinvestment of money contributed to the trust or fund by the bank or trust company, or an affiliated bank or trust company, as a fiduciary, including a trustee of a trust or fund for the primary purpose of paying employee benefits of any kind. See Maine Revised Statutes Title 18-C Sec. 7-201 complex: means the Maine Space Complex established pursuant to section 13203, subsection 1. See Maine Revised Statutes Title 5 Sec. 13202 Corporation: means the Maine Space Corporation established in section 13201. See Maine Revised Statutes Title 5 Sec. 13202 Creditable service: means a person's membership service, the person's prior service and service for which credit is allowable under sections 17755 and 17756; section 17760, subsection 3; section 18258; sections 18355 and 18356; and section 18360, subsection 2. See Maine Revised Statutes Title 5 Sec. 17001 Dependent: A person dependent for support upon another. Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Donor: The person who makes a gift. Dredge spoils: means sand, silt, mud, gravel, rock or other sediment or material that is moved from coastal wetlands. See Maine Revised Statutes Title 38 Sec. 480-B Ex officio: Literally, by virtue of one's office. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fiduciary: includes a trustee, executor, administrator, guardian and custodian under a uniform transfers to minors act. See Maine Revised Statutes Title 18-C Sec. 7-201 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 Floodplain wetland: means lands adjacent to a river, stream or brook that are inundated with floodwater during a 100-year flood event and that under normal circumstances support a prevalence of wetland vegetation typically adapted for life in saturated soils. See Maine Revised Statutes Title 38 Sec. 480-B Footprint: means the outline of a structure on the ground, except that for a building "footprint" means the outline that would be created on the ground by extending the exterior walls of a building to the ground surface. See Maine Revised Statutes Title 38 Sec. 480-B Forest management activities: means timber stand improvement, timber harvesting activities, forest products harvesting and regeneration of forest stands. See Maine Revised Statutes Title 38 Sec. 480-B Forested wetland: means a freshwater wetland dominated by woody vegetation that is 6 meters tall, or taller. See Maine Revised Statutes Title 38 Sec. 480-B Fragile mountain areas: means areas above 2,700 feet in elevation from mean sea level. See Maine Revised Statutes Title 38 Sec. 480-B Freshwater wetlands: means freshwater swamps, marshes, bogs and similar areas that are:
A. See Maine Revised Statutes Title 38 Sec. 480-BGift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Great ponds: means any inland bodies of water which in a natural state have a surface area in excess of 10 acres and any inland bodies of water artificially formed or increased which have a surface area in excess of 30 acres. See Maine Revised Statutes Title 38 Sec. 480-B Height: means :
A. See Maine Revised Statutes Title 38 Sec. 436-AImpervious area: means an area that is a building, parking lot, roadway or similar constructed area. See Maine Revised Statutes Title 38 Sec. 480-B 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 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Local district: means :
A. See Maine Revised Statutes Title 5 Sec. 17001Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 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 Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship. Member: means any person included in the membership of a retirement program of the retirement system, as provided in chapter 423, subchapter 2, or chapter 425, subchapter 2. See Maine Revised Statutes Title 5 Sec. 17001 Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 Mooring: means equipment, such as anchors, chains and lines, for holding fast a vessel, aircraft, floating dock or buoy. See Maine Revised Statutes Title 38 Sec. 480-B Motorized recreational gold prospecting: includes , but is not limited to, the operation of a motorized suction dredge, sluice, pump, rocker box or winch, individually or together. See Maine Revised Statutes Title 38 Sec. 480-B municipal clerk: means the clerk of a municipality. See Maine Revised Statutes Title 30-A Sec. 2001 Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72 Municipal officers: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC 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 Nonconsumptive use: means any use of water that results in the water being discharged back into the same water source within 1/4 mile upstream or downstream from the point of withdrawal such that the difference between the volume withdrawn and the volume returned is no more than the threshold amount per day. See Maine Revised Statutes Title 38 Sec. 470-A Normal high water line: means that line along the shore of a great pond, river, stream, brook or other nontidal body of water which is apparent from visible markings, changes in the character of soils due to prolonged action of the water or from changes in vegetation and which distinguishes between predominantly aquatic and predominantly terrestrial land. See Maine Revised Statutes Title 38 Sec. 480-B Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Offshore wind power project: includes both generating facilities as defined by Title 35?A, section 3451, subsection 5 and associated facilities as defined by Title 35?A, section 3451, subsection 1, without regard to whether the electrical energy is for sale or use by a person other than the generator. See Maine Revised Statutes Title 38 Sec. 480-B Organization: means a corporation, partnership or unincorporated association. See Maine Revised Statutes Title 5 Sec. 17001 Participating local district: means a local district that has approved the participation of its employees in the Participating Local District Retirement Program of the retirement system under section 18201. See Maine Revised Statutes Title 5 Sec. 17001 Permanent structure: means any structure that is designed to remain at or that is constructed or erected with a fixed location or that is attached to a structure with a fixed location for a period exceeding 7 months within any 12-month period, including, but not limited to, causeways, piers, docks, concrete slabs, piles, marinas, retaining walls and buildings. See Maine Revised Statutes Title 38 Sec. 480-B 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 Person: means an individual, corporation, partnership, firm, organization or other legal entity. See Maine Revised Statutes Title 30-A Sec. 2001 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 Protected natural resource: means coastal sand dune systems, coastal wetlands, significant wildlife habitat, fragile mountain areas, freshwater wetlands, community public water system primary protection areas, great ponds or rivers, streams or brooks, as these terms are defined in this article. See Maine Revised Statutes Title 38 Sec. 480-B public drain: means any sewer or drain constructed or laid by a governmental entity for the use of the public and includes both gravity and pressure mains. See Maine Revised Statutes Title 30-A Sec. 2001 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Quorum: The number of legislators that must be present to do business. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. registered mail: when used in connection with any requirement for notice by mail shall mean either registered mail or certified mail. See Maine Revised Statutes Title 1 Sec. 72 Remainder beneficiary: means a person entitled to receive principal when an income interest ends. See Maine Revised Statutes Title 18-C Sec. 7-402 Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001 Retirement system: means the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001 Service: means service as an employee for which compensation was paid. See Maine Revised Statutes Title 5 Sec. 17001 Service credit: means credit received for creditable service as defined under subsection 10. See Maine Revised Statutes Title 5 Sec. 17001 significant groundwater well: includes :
(a) A public water system used solely to bottle water for sale; and
(b) Any portion of a public water system that is:
(i) Constructed on or after January 1, 2009;
(ii) Used solely to bottle water for sale; and
(iii) Not connected to another portion of the public water system through pipes intended to convey water. See Maine Revised Statutes Title 38 Sec. 480-Bsignificant wildlife habitat: is a s defined and mapped in accordance with section 480?I by the Department of Inland Fisheries and Wildlife, the following areas that are defined by the Department of Inland Fisheries and Wildlife and are in conformance with criteria adopted by the Department of Environmental Protection or are within any other protected natural resource:
(1) Significant vernal pool habitat;
(2) High and moderate value waterfowl and wading bird habitat, including nesting and feeding areas;
(3) Shorebird nesting, feeding and staging areas; and
(4) Habitat for state endangered and state threatened species listed under Title 12, section 12803, subsection 3 that is within another protected natural resource area or that is located wholly or partly within the boundaries of a proposed project site that requires approval from:
(a) The department pursuant to this article or article 6, 7 or 8?A, except for activity or development on a residential lot that is not part of a proposed multi lot housing development; or
(b) The Maine Land Use Planning Commission pursuant to this article as provided in section 480?E?1 or, for subdivisions and nonresidential uses only, pursuant to Title 12, chapter 206?A. See Maine Revised Statutes Title 38 Sec. 480-BSustenance fishing designated use: is a subcategory of the applicable fishing designated use that protects human consumption of fish for nutritional and cultural purposes and applies only to those water body segments that are identified in this article as subject to a sustenance fishing designated use. See Maine Revised Statutes Title 38 Sec. 466 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 Testator: A male person who leaves a will at death. timber harvesting activities: means timber harvesting, the construction and maintenance of roads used primarily for timber harvesting, the mining of gravel used for the construction and maintenance of roads used primarily for timber harvesting and other activities conducted to facilitate timber harvesting. See Maine Revised Statutes Title 38 Sec. 480-B Town: includes cities and plantations, unless otherwise expressed or implied. See Maine Revised Statutes Title 1 Sec. 72 Transportation reconstruction or replacement project: means the improvement of an existing transportation facility to modern design standards without expanding its function or creating any additional roadways, facilities or structures. See Maine Revised Statutes Title 38 Sec. 480-B 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 Water source: means any river, stream or brook as defined in section 480?B, any lake or pond classified GPA pursuant to section 465?A or groundwater located anywhere in the State. See Maine Revised Statutes Title 38 Sec. 470-A withdrawal of water: means the removal, diversion or taking of water from a water source. See Maine Revised Statutes Title 38 Sec. 470-A Working waterfront activity: includes commercial fishing activities; commercial boat building and repair; commercial hauling, launching, storage and berthing of boats; marine construction; marine freight and passenger transportation; and other similar commercial activities that are dependent on the waterfront. See Maine Revised Statutes Title 38 Sec. 480-B Working waterfront land: means a parcel of land, or a portion thereof, abutting water to the head of tide, land located in the intertidal zone or submerged land that is used primarily or predominantly to provide access to or support the conduct of a working waterfront activity. See Maine Revised Statutes Title 38 Sec. 480-B