Louisiana Revised Statutes 9:1725 – Definitions
Terms Used In Louisiana Revised Statutes 9:1725
- 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
- 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.
- 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: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Trustee: A person or institution holding and administering property in trust.
Except when the context clearly indicates otherwise, as used in this Code:
(1) “Affiliate” means a person directly or indirectly controlling or controlled by another person, or a person under direct or indirect common control with another person. It includes a person with whom a trustee has an express or implied agreement regarding the purchase of trust investment by each from the other directly or indirectly, except a broker or stock exchange.
(2) “Income beneficiary” means a beneficiary to whom income is payable, presently, conditionally, or in the future, or for whom it is accumulated, or who is entitled to the beneficial use of principal presently, conditionally, or in the future, for a time before its distribution.
(3) “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a business trust, or two or more persons having a joint or common interest.
(4) “Principal beneficiary” means a beneficiary presently, conditionally, or ultimately entitled to principal.
(5) “Proper court” means the court as determined by the provisions of La. Rev. Stat. 9:2235.
(6) “Relative” means a spouse, ascendant, descendant, brother, or sister.
(7) “Spendthrift trust,” when used without other qualifying words, means a trust under which alienation by a beneficiary of an interest in income or principal is restricted to the full extent permitted by this Code.
(8) “Trust instrument” means the written document creating the trust and all amendments and modifications thereof.
Amended by Acts 1972, No. 656, §1; Acts 2010, No. 390, §1; Acts 2016, No. 544, §1.