Legislation
SECTION 7-6.1
Definitions
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 7, PART 6
§ 7-6.1 Definitions
In this part:
(a) "Adult" means an individual who has attained the age of twenty-one
years.
(b) "Benefit plan" means an employer's plan for the benefit of an
employee or partner or an individual retirement account.
(c) "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.
(d) "Court" means the supreme court or the surrogate's court having
jurisdiction over the minor.
(e) "Custodial property" means (i) any interest in property
transferred to a custodian under this part and (ii) the income from and
proceeds of that interest in property.
(f) "Custodian" means a person so designated under 7-6.9 or a
successor or substitute custodian designated under 7-6.18.
(g) "Financial institution" means a bank, trust company, savings
institution, or credit union, chartered and supervised under state or
federal law.
(h) "Guardian" 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.
(i) "Legal representative" means an individual's personal
representative or guardian.
(j) "Member of the minor's family" means any of the minor's parents,
stepparents, spouse, grandparents, brothers, sisters, uncles, and aunts,
whether of the whole blood or half blood or by or through legal
adoption.
(k) "Minor" means an individual who has not attained the age of
twenty-one years.
(l) "Person" means an individual, corporation, organization, or other
legal entity.
(m) "Personal representative" means a person who has received letters
to administer the estate of a decedent or a person legally authorized to
perform substantially the same functions.
(n) "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.
(o) "Transfer" means a transaction that creates custodial property
under 7-6.9.
(p) "Transferor" means a person who makes a transfer under this part.
(q) "Trust company" means a financial institution, corporation, or
other legal entity, authorized to exercise general trust powers in this
state.
In this part:
(a) "Adult" means an individual who has attained the age of twenty-one
years.
(b) "Benefit plan" means an employer's plan for the benefit of an
employee or partner or an individual retirement account.
(c) "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.
(d) "Court" means the supreme court or the surrogate's court having
jurisdiction over the minor.
(e) "Custodial property" means (i) any interest in property
transferred to a custodian under this part and (ii) the income from and
proceeds of that interest in property.
(f) "Custodian" means a person so designated under 7-6.9 or a
successor or substitute custodian designated under 7-6.18.
(g) "Financial institution" means a bank, trust company, savings
institution, or credit union, chartered and supervised under state or
federal law.
(h) "Guardian" 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.
(i) "Legal representative" means an individual's personal
representative or guardian.
(j) "Member of the minor's family" means any of the minor's parents,
stepparents, spouse, grandparents, brothers, sisters, uncles, and aunts,
whether of the whole blood or half blood or by or through legal
adoption.
(k) "Minor" means an individual who has not attained the age of
twenty-one years.
(l) "Person" means an individual, corporation, organization, or other
legal entity.
(m) "Personal representative" means a person who has received letters
to administer the estate of a decedent or a person legally authorized to
perform substantially the same functions.
(n) "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.
(o) "Transfer" means a transaction that creates custodial property
under 7-6.9.
(p) "Transferor" means a person who makes a transfer under this part.
(q) "Trust company" means a financial institution, corporation, or
other legal entity, authorized to exercise general trust powers in this
state.