53-12-500. Definitions.

As used in this article, the term:

“Directed trustee” means a trustee that is subject to a trust director’s power of direction.#

“Power of appointment” means a power that enables a person, acting in a nonfiduciary capacity, to:#

1. (A)

   Designate a recipient of either an ownership interest in or another power of appointment over trust property;#

2. (B)

   Rescind or terminate either an ownership interest in or another power of appointment over trust property; or#

3. (C)

   Determine when a beneficiary shall have the rights granted under Code Sections 53-12-242 and 53-12-243 or similar rights granted under the trust instrument.#

“Power of direction” means a power over a trust granted to a person by the trust instrument to the extent the power is exercisable in a capacity other than as a trustee. Such term includes a power over the administration of the trust or the investment, management, or distribution of the trust property; a power to consent to a trustee’s actions, whether through exercise of an affirmative power to consent or through nonexercise of a veto power over a trustee’s actions, where a trustee may not act without such consent; and all further powers appropriate to the exercise or nonexercise of such powers held by the trust director pursuant to subsection (a) of Code Section 53-12-502. Such term shall exclude the powers described in subsection (b) of Code Section 53-12-501 and the power of a person designated in a trust instrument to receive notice and provide consent pursuant to paragraph (6) of subsection (f) of Code Section 53-12-8.#

“Trust director” means a person that is granted a power of direction by a trust to the extent the power is exercisable in a capacity other than as a trustee, regardless of whether the trust instrument refers to such person as a trust director and regardless of whether the person is a beneficiary or settlor of the trust.#