As used in this chapter, the term:

(1) "Beneficiary" means a person for whose benefit property is held in trust, regardless of the nature of the interest. A beneficiary must be definitely ascertainable at the time of the creation of the trust or definitely ascertainable within the period of the rule against perpetuities.

(2) "Express trust" means a trust in which the settlor's intention to create the trust is expressly stated, and which meets the requirements of Code Section 53-12-20.

(3) "Implied trust" means a trust in which the settlor's intention to create the trust is implied from the circumstances, and which meets the requirements of Code Sections 53-12-90 through 53-12-93.

(4) "Interested person" means a trustee, beneficiary, or any other person having an interest in or claim against the trust. This meaning, as it relates to particular persons, may vary from time to time and must be determined according to the particular purposes of and matter involved in any proceeding.

(5) "Person" means an individual, a corporation, a partnership, an association, a joint-stock company, a business trust, an unincorporated organization, or two or more persons having a joint or common interest, including an individual or a corporation acting as a personal representative or in any other fiduciary capacity.

(6) "Property" means any type of property, whether real or personal, tangible or intangible, legal or equitable. The term also includes choses in action, claims, and contract rights, including a contractual right to receive death benefits as designated beneficiary under a policy of insurance, contract, employees' trust, or other arrangement.

(7) "Settlor" means the person who creates the trust. The terms "grantor" and "trustor" mean the same as "settlor."

(8) "Trust" means a fiduciary relationship with respect to property arising from a settlor's intention to impose equitable duties on a person to hold, manage, or otherwise administer that property for the benefit of another person.

(9) "Trust instrument" means the document or documents that manifest the elements and other details of a trust.

(10) "Trust property" means property placed in trust by the settlor or property otherwise transferred to or acquired or retained by the trustee for the trust. The terms "trust corpus" and "trust res" mean the same as "trust property."

(11) "Trustee" means the person holding legal title to the property in trust.