Chapter 33B.
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Chapter 33B.
North Carolina Uniform Custodial Trust Act.
§ 33B-1. Definitions.
As used in this act:
(1)"Adult" means an individual who is at least 21 years of age.
(2)"Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this act.
(3)"Guardian of the estate" means a guardian appointed for the purpose of managing the property, estate, and business affairs of a ward, or a person legally authorized to perform substantially the same functions. As used in this act the term "guardian of the estate" includes a general guardian or guardian of the estate appointed under the provisions of Chapter 35A of the General Statutes.
(4)"Court" means the clerk of superior court of this State.
(5)"Custodial trust property" means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this act and the income from and proceeds of that interest.
(6)"Custodial trustee" means a person designated as trustee of a custodial trust under this act or a substitute or successor to the person designated.
(7)"Guardian of the person" means a guardian appointed for the purpose of performing duties relating to the care, custody, and control of a ward, but not a person who is only a guardian ad litem. As used in this act the term "guardian of the person" includes a general guardian or guardian of the person appointed under the provisions of Chapter 35A of the General Statutes.
(8)"Incapacitated" means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, being under 21 years of age, or other disabling cause.
(9)"Legal representative" means a personal representative or guardian of the estate.
(10)"Member of the beneficiary's family" means a beneficiary's spouse, descendant, parent, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.
(11)"Person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.
(12)"Personal representative" means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same function, or a successor to any of them.
(13)"State" means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
(14)"Transferor" means a person who creates a custodial trust by transfer or declaration.
(15)"Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers in North Carolina.
(16)"General guardian" means a guardian of both the estate and the person. (1995, c. 486, s. 1.)