§ 33B-1. Definitions.
Chapter33B.
North Carolina UniformCustodial 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 adeclaration of trust by a custodial trustee for the individual's use andbenefit under this act.
(3) "Guardian ofthe estate" means a guardian appointed for the purpose of managing theproperty, estate, and business affairs of a ward, or a person legallyauthorized to perform substantially the same functions. As used in this act theterm "guardian of the estate" includes a general guardian or guardianof the estate appointed under the provisions of Chapter 35A of the GeneralStatutes.
(4) "Court"means the clerk of superior court of this State.
(5) "Custodialtrust property" means an interest in property transferred to or held undera declaration of trust by a custodial trustee under this act and the incomefrom and proceeds of that interest.
(6) "Custodialtrustee" means a person designated as trustee of a custodial trust underthis act or a substitute or successor to the person designated.
(7) "Guardian ofthe person" means a guardian appointed for the purpose of performingduties relating to the care, custody, and control of a ward, but not a personwho is only a guardian ad litem. As used in this act the term "guardian ofthe person" includes a general guardian or guardian of the personappointed under the provisions of Chapter 35A of the General Statutes.
(8) "Incapacitated"means lacking the ability to manage property and business affairs effectivelyby reason of mental illness, mental deficiency, physical illness or disability,chronic use of drugs, chronic intoxication, confinement, detention by a foreignpower, disappearance, being under 21 years of age, or other disabling cause.
(9) "Legalrepresentative" means a personal representative or guardian of the estate.
(10) "Member of thebeneficiary's family" means a beneficiary's spouse, descendant, parent,grandparent, brother, sister, uncle or aunt, whether of the whole or half bloodor by adoption.
(11) "Person"means an individual, corporation, business trust, estate, trust, partnership,joint venture, association, or any other legal or commercial entity.
(12) "Personalrepresentative" means an executor, administrator, or special administratorof a decedent's estate, a person legally authorized to perform substantiallythe same function, or a successor to any of them.
(13) "State"means a state, territory, or possession of the United States, the District ofColumbia, or the Commonwealth of Puerto Rico.
(14) "Transferor"means a person who creates a custodial trust by transfer or declaration.
(15) "Trustcompany" means a financial institution, corporation, or other legalentity, authorized to exercise general trust powers in North Carolina.
(16) "Generalguardian" means a guardian of both the estate and the person. (1995,c. 486, s. 1.)