Statutes > Tennessee Statutes > Title 35 - Fiduciaries And Trust Estates > Chapter 7 - Tennessee Uniform Transfers to Minors Act > 35-7-102 - Chapter definitions.

35-7-102 - Chapter definitions.

35-7-102. Chapter definitions.

As used in this chapter, unless the context otherwise requires:

     (1)  “Adult” means an individual who has attained twenty-one (21) years of age;

     (2)  “Benefit plan” means an employer's plan for the benefit of an employee or partner;

     (3)  “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;

     (4)  “Court” means the chancery, probate and juvenile courts and other courts having probate jurisdiction, which shall have concurrent jurisdiction under this chapter;

     (5)  “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;

     (6)  “Custodian” means a person so designated, including a person designated as a joint custodian pursuant to § 35-7-111, or a successor or substitute custodian designated according to this chapter;

     (7)  “Financial institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law;

     (8)  “Guardian” means a person appointed by or qualified in a court to act as a general, limited, or temporary guardian or conservator of a minor's property or person or a person legally authorized to perform substantially the same functions;

     (9)  “Legal representative” means an individual's personal representative, guardian or conservator;

     (10)  “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;

     (11)  “Minor” means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age;

     (12)  “Person” means an individual, corporation, organization, or other legal entity;

     (13)  “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;

     (14)  “Qualified minor’s trust” means any trust, including a trust created by the custodian, that satisfies the requirements of federal Internal Revenue Code § 2503(c), codified as 26 U.S.C. § 2503(c), and the regulations implementing that section;

     (15)  “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;

     (16)  “Transfer” means a transaction that creates custodial property under this chapter;

     (17)  “Transferor” means a person who makes a transfer under this chapter; and

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

[Acts 1992, ch. 664, § 1; 1996, ch. 593, § 1; T.C.A. § 35-7-202; Acts 2007, ch. 8, § 11.]