2004 Minnesota Statutes

     501B.59 Definitions. 

    Subdivision 1.    Scope.  The definitions in this 
 section apply to sections 501B.59 to 501B.76. 

    Subd. 1a.    Accounting period.  "Accounting period" 
 means a calendar year unless another 12-month period is selected 
 by the trustee.  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. 

    Subd. 2.    Income beneficiary.  "Income beneficiary" 
 means the person to whom income is presently payable or for whom 
 it is accumulated for distribution as income. 

    Subd. 3.    Inventory value.  "Inventory value" means 
 the cost of property purchased by the trustee and the market 
 value of other property at the time it became subject to the 
 trust, but in the case of a testamentary trust the trustee may 
 use any value finally determined for the purposes of an estate 
 or inheritance tax. 

    Subd. 4.    Remainderperson.  "Remainderperson" means 
 the person entitled to principal, including income accumulated 
 and added to principal. 

    Subd. 5.    Trustee.  "Trustee" means an original 
 trustee and any successor or added trustee. 

    HIST: 1989 c 340 art 1 s 48; 2001 c 15 s 2