Glossary

Scope. This glossary defines 226 terms used in the treatise. It collects the key terms listed at the start of each chapter and adds the statutory, tax and regulatory terms that recur across chapters. Each definition states the meaning the treatise gives the term.

Conventions. Where a term is defined by statute, the entry gives the source in the form used in the chapters. The cross-references at the end of each entry point to the paragraph where the term is principally treated and to any other paragraph where it is explained. The Trusts Act, Cap. 202, the Limited Liability Companies Act, Cap. 270:01, and the International Foundation Act, Cap. 24:02, are cited as the Trusts Act, the LLC Act and the Foundations Act. Terms are alphabetized letter by letter, ignoring punctuation; entries for numbered sections are in numerical order.

Insolvency. The treatise reads "insolvency" in section 7(6)(c) of the Trusts Act as a financial condition, established by the balance sheet, by the failure to pay debts as they fall due or by an unsatisfied execution, and distinct from bankruptcy, which is a proceeding. The Foundations Act defines the word narrowly, and the entries note the difference. See ¶¶ 1150.02, 2140.10, 2320.03.

Terms defined differently in different statutes. Several terms, among them beneficial owner, beneficiary, creditor, insolvency, protector and registrar, are defined separately in the Trusts Act, the LLC Act, the Foundations Act and the other statutes. The entries give each statutory meaning where it differs.