72-34-402. Definitions. As used in this part, the following definitions apply:
     (1) "Income beneficiary" means the person to whom income is presently payable or for whom it is accumulated for distribution as income.
     (2) "Inventory value" means the adjusted basis for federal income tax purposes.
     (3) "Remainder beneficiary" means the person entitled to principal, including income which has been accumulated and added to principal.
     (4) "Trustee" means the original trustee, any succeeding or added trustee, and the personal representative of a decedent's estate whenever a provision of this part is applicable to the estate.

     History: En. Sec. 139, Ch. 685, L. 1989.