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subdivision, agency or instrumentality; public corporation; or any | | other legal or commercial entity. |
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| | | 10.__Power of withdrawal.__"Power of withdrawal" means a | | presently exercisable general power of appointment other than a | | power exercisable only upon consent of the trustee or a person | | holding an adverse interest. |
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| | | 11.__Property.__"Property" means anything that may be the | | subject of ownership, whether real or personal, legal or | | equitable, or any interest therein. |
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| | | 12.__Qualified beneficiary.__"Qualified beneficiary" means a | | beneficiary who on the date the beneficiary's qualification is | | determined: |
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| | | A.__Is a distributee or permissible distributee of trust | | income or principal; |
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| | | B.__Would be a distributee or permissible distributee of | | trust income or principal if the interests of the | | distributees described in paragraph A terminated on that | | date; or |
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| | | C.__Would be a distributee or permissible distributee of | | trust income or principal if the trust terminated on that | | date. |
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| | | "Qualified beneficiary" does not include a contingent distributee | | or a contingent permissible distributee of trust income or | | principal whose interest in the trust is not reasonably expected | | to vest. |
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| | | 13.__Revocable.__"Revocable," as applied to a trust, means | | revocable by the settlor without the consent of the trustee or a | | person holding an adverse interest. |
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| | | 14.__Settlor.__"Settlor" means a person, including a testator, | | who creates or contributes property to a trust. If more than one | | person creates or contributes property to a trust, each person is | | a settlor of the portion of the trust property attributable to | | that person's contribution except to the extent another person | | has the power to revoke or withdraw that portion. |
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| | | 15.__Spendthrift provision.__"Spendthrift provision" means a | | term of a trust that restrains both voluntary and involuntary | | transfer of a beneficiary's interest. |
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| | | 16.__State.__"State" means a state of the United States, the | | District of Columbia, Puerto Rico, the United States Virgin |
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