North Dakota Code 59-08-01 – Definitions
As used in this chapter, unless the context otherwise requires:
Terms Used In North Dakota Code 59-08-01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Individual: means a human being. See North Dakota Code 1-01-49
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
1. “Individual with a disability” means an individual who, before creation of a third-party special needs trust or a self-settled special needs trust for that individual’s benefit, is considered to be an individual with a disability as defined in 42 U.S.C. § 1382c(a)(3).
2. “Self-settled special needs trust” means a trust created by an individual with a disability after August 10, 1993, which qualifies under 42 U.S.C. § 1396p(d)(4).
3. “Third-party special needs trust” means a trust that does not make an individual with a disability ineligible for publicly funded benefits while maintaining assets in that trust and which is created for the benefit of an individual with a disability and funded by someone other than the trust beneficiary, the beneficiary’s spouse, a parent of a minor beneficiary, or anyone obligated to pay any sum for damages or any other purpose to or for the benefit of the trust beneficiary under the terms of a settlement agreement or judgment.