75A-8-102. Definitions for chapter.

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

Effective 5/7/2025

As used in this chapter:

(1)"Adult" means an individual who is 21 years old or older.

(2)"Beneficiary" means the same as that term is defined in Section 75-1-201 .

(3)"Benefit plan" means an employer's plan for the benefit of an employee or partner.

(4)"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 accounts of others.

(5)"Court" means a court with jurisdiction under Title 78A, Judiciary and Judicial Administration .

(6)"Custodial property" means:

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

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

(7)"Custodian" means a person so designated under Section 75A-8-110 or a successor or substitute custodian designated under Section 75A-8-119 .

(8)"Fiduciary" means the same as that term is defined in Section 75-1-201 .

(9)"Financial institution" means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.

(10)"Incapacitated" means the inability of the individual to manage the property or business affairs of the minor because the individual:

(a)lacks the ability to receive or evaluate information, make decisions, or communicate decisions even with the use of technological assistance;

(b)is missing;

(c)is detained or incarcerated; or

(d)is outside the United States and is unable to return.

(11)"Incapacity" means the state of being incapacitated.

(12)"Interested person" means the same as that term is defined in Section 75-1-201 .

(13)"Legal representative" means an individual's personal representative or conservator.

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

(15)"Minor" means an individual who is under 21 years old.

(16)"Parent" means the same as that term is defined in Section 75-1-201 .

(17)"Payor" means the same as that term is defined in Section 75-1-201 .

(18)"Petition" means the same as that term is defined in Section 75-1-201 .

(19)"Security" means the same as that term is defined in Section 75-1-201 .

(20)"Testator" means the same as that term is defined in Section 75-1-201 .

(21)"Transfer" means a transaction that creates custodial property under Section 75A-8-110 .

(22)"Transferor" means a person who makes a transfer under this chapter.

(23)"Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.

(24)"Trustee" means the same as that term is defined in Section 75-1-201 .

Amended by Chapter 310 , 2025 General Session

Amended by Chapter 338 , 2025 General Session