385.012 Definitions.
342 words·~2 min read·
/ky/chapter-385/385-012A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in KRS 385.022 to 385.222:
(1)"Adult" means an individual who has attained the age of eighteen
(18)years;
(2)"Benefit plan" means an employer's plan for the benefit of an employee or partner;
(3)"Broker" means a person lawfully engaged in the business of effecting transactions
in securities or commodities for the person's own account or for the account of
others;
(4)"Conservator" means a person appointed or qualified by a court to act as general,
limited, or temporary guardian of a minor's property or a person legally authorized
to perform substantially the same functions;
(5)"Court" means District Court;
(6)"Custodial property" means:
(a)Any interest in property transferred to a custodian under KRS 385.032 to
385.222; and
(b)The income from and proceeds of that interest in property;
(7)"Custodian" means a person so designated under KRS 385.092; or a successor or
substitute custodian designated under KRS 385.182;
(8)"Financial institution" means a bank, trust company savings institution or credit
union, chartered and supervised under state or federal law;
(9)"Legal representative" means an individual's personal representative or conservator;
(10)"Member of the minor's family" means the minor's parent, step-parent, spouse,
grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by
adoption;
(11)"Minor" means an individual who has not attained the age of eighteen
(18)years;
(12)"Person" means an individual, corporation, organization, or other legal entity;
(13)"Personal representative" means an executor, administrator, successor personal
representative, or special administrator of a decedent's estate or a person legally
authorized to perform substantially the same functions;
(14)"State" includes any state of the United States, the District of Columbia, the
Commonwealth of Puerto Rico, and any territory or possession subject to the
legislative authority of the United States;
(15)"Transfer" means a transaction that creates custodial property under KRS 385.092;
(16)"Transferor" means a person who makes a transfer under KRS 385.032 to 385.222;
(17)"Trust company" means a financial institution, corporation, or other legal entity,
authorized to exercise general trust powers.