Section 1652 - DefinitionsAs used in this Act, unless the context otherwise indicates, the following terms have the following meanings. [1987, c. 734, §2(NEW).]
1.Adult. "Adult" means an individual who has attained 18 years of age. [1989, c. 502, Pt. A, §117(AMD).]
2.Benefit plan. "Benefit plan" means an employer's plan for the benefit of an employee or partner. [1987, c. 734, §2(NEW).]
3.Broker. "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. [1987, c. 734, §2(NEW).]
4.Conservator. "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. [1987, c. 734, §2(NEW).]
5.Court. "Court" means the Probate Court. [1987, c. 734, §2(NEW).]
6.Custodial property. "Custodial property" means any interest in property transferred to a custodian under this Act and the income from and proceeds of that interest in property. [1987, c. 734, §2(NEW).]
7.Custodian. "Custodian" means a person so designated under section 1660 or a successor or substitute custodian designated under section 1669. [1987, c. 734, §2(NEW).]
8.Financial institution. "Financial institution" means a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law. [1987, c. 734, §2(NEW).]
9.Legal representative. "Legal representative" means an individual's personal representative or conservator. [1987, c. 734, §2(NEW).]
10.Member of the minor's family. "Member of the minor's family" means the minor's parent, step-parent, spouse, grandparent, brother, sister, uncle or aunt whether of whole or 1/2 blood or by adoption. [1987, c. 734, §2(NEW).]
11.Minor. "Minor" means an individual who has not attained 18 years of age. [1987, c. 734, §2(NEW).]
12.Person. "Person" means an individual, corporation, organization or other legal entity. [1987, c. 734, §2(NEW).]
13.Personal representative. "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. [1987, c. 734, §2(NEW).]
14.State. "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. [1987, c. 734, §2(NEW).]
15.Transfer. "Transfer" means a transaction that creates custodial property under section 1660. [2019, c. 501, §16(AMD).]
16.Transferor. "Transferor" means a person who makes a transfer under this Act. [1987, c. 734, §2(NEW).]
17.Trust company. "Trust company" means a financial institution, corporation or other legal entity authorized to exercise general trust powers. [1987, c. 734, §2(NEW).]
Amended by 2019, c. 501,§ 16, eff. 6/28/2019.1987, c. 734, § 2 (NEW) . 1989, c. 502, §A117 (AMD) .