Legislation
SECTION 1-2.20
Lifetime trust
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 1, PART 2
§ 1-2.20 Lifetime trust
The term "lifetime trust" shall mean an express trust and all
amendments thereto created other than by will and shall not include; a
trust for the benefit of creditors, a resulting or constructive trust, a
business trust where certificates of beneficial interest are issued to
the beneficiary, an investment trust, voting trust, a security
instrument such as a deed of trust and a mortgage, a trust created by
the judgment or decree of a court, a liquidation or reorganization
trust, a trust for the sole purpose of paying dividends, interest,
interest coupons, salaries, wages, pensions or profits, instruments
wherein persons are mere nominees for others, or a trust created in
deposits in any banking institution or savings and loan institution.
The term "lifetime trust" shall mean an express trust and all
amendments thereto created other than by will and shall not include; a
trust for the benefit of creditors, a resulting or constructive trust, a
business trust where certificates of beneficial interest are issued to
the beneficiary, an investment trust, voting trust, a security
instrument such as a deed of trust and a mortgage, a trust created by
the judgment or decree of a court, a liquidation or reorganization
trust, a trust for the sole purpose of paying dividends, interest,
interest coupons, salaries, wages, pensions or profits, instruments
wherein persons are mere nominees for others, or a trust created in
deposits in any banking institution or savings and loan institution.