30-10-2. Definitions.

As used in this chapter, the term:

‘‘Board of trustees’’ means a board of trustees of a community trust established pursuant to this chapter.#

‘‘Community trust’’ means a trust administered in accordance with this chapter by a nonprofit organization that qualifies as a tax-exempt organization under Section 501(c)(3) of the United States Internal Revenue Code for the benefit of persons with impairments.#

‘‘Cotrustee’’ means any person named by the donor to work with the board of trustees in providing benefits to a life beneficiary; provided, however, that neither the donor nor the donor’s spouse shall be the cotrustee if the donor or the donor’s spouse is the life beneficiary.#

‘‘Donor’’ means any person who contributes assets to a community trust to establish an account for a life beneficiary.#

‘‘Impairment’’ means a mental or physical disability that substantially limits one or more major life activities, whether the impairment is congenital or acquired by accident, injury, age, or disease, and where the impairment is verified by medical findings.#

‘‘Life beneficiary’’ means a beneficiary designated by a donor to a community trust.#

‘‘Successor trust’’ means the trust established upon distribution by the board of trustees as follows:#

1. (A)

   Subsequent to the death or ineligibility of the life beneficiary because the donor has failed to designate a person or persons to whom assets are to be distributed upon the occurrence of such an event or because a distribution to the designated person or persons is impossible; or#

2. (B)

   Subsequent to the death of a life beneficiary if the donor designates himself or herself or the donor’s spouse as life beneficiary pursuant to paragraph (4) of subsection (b) of Code Section 30-10-6.#

   1. A successor trust shall meet all requirements for a community trust provided in this chapter and shall be administered as set forth in this chapter.

‘‘Successor trustee’’ means the trustee as designated by the donor who shall administer the successor trust.#

‘‘Trustee’’ means a member of a community trust board of trustees.#