Mississippi § 91-9-501 - Definitions.

§ 91-9-501. Definitions.

The following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise: “Trust” means the following: An express trust, private or charitable, with additions thereto, wherever and however created; or A trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. “Trust” excludes the following: Constructive trusts, other than those described in paragraph (a)(ii) of this section, and resulting trusts; Guardianships and conservatorships; Executors and administrators of decedent’s estates; Totten trust accounts; Custodial arrangements pursuant to the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act of any state; Business trusts that are taxed as partnerships or corporations; Investment trusts subject to regulation under the laws of this state or any other jurisdiction; Common trust funds; Voting trusts; Security arrangements; Transfers in trust for purpose of suit or enforcement of a claim of right; Liquidation trusts; or Any arrangement under which a person is nominee or escrowee for another. “Trustee” means an original, additional, or successor trustee, whether or not appointed or confirmed by a court. “Trust instrument” means a written instrument which creates, defines or determines a trust, including, but not limited to, a last will and testament of a decedent.