Section 1: Definitions

302 words·~1 min read·/ma/part-ii/title-ii/chapter-201a/1·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 1. As used in this chapter the following words shall, unless the context requires otherwise, have the following meanings:—

''Adult'', an individual who has attained the age of twenty-one years.

''Broker'', 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.

''Court'', the probate and family court.

''Custodian'', a person so designated under section nine or a successor or substitute custodian designated under section eighteen.

''Custodial property'',

(i)any interest in property transferred to a custodian under this chapter and

(ii)the income from and proceeds of that interest in property.

''Financial institution'', a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.

''Guardian'', a person appointed or qualified by a court to act as guardian of a minor's property or a person legally authorized to perform substantially the same functions.

''Legal representative'', an individual's personal representative or guardian.

''Member of the minor's family'', the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.

''Minor'', an individual who has not attained the age of twenty-one years.

''Person'', an individual, corporation, organization, or other legal entity.

''Personal representative'', an executor, administrator, successor, personal representative, or voluntary administrator of a decedent's estate or a person legally authorized to perform substantially the same functions.

''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.

''Transfer'', a transaction that creates custodial property under section nine.

''Transferor'', a person who makes a transfer under this chapter.

''Trust company'', a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.