§ 11-50-102 — Definitions

Colorado § 11-50-102

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Colorado Uniform Transfers to Minors Act

Text

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

(1) Adult means an individual who has attained the age of twenty-one
years.

(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) 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.

(5) Court means the district or probate court which would have jurisdiction
of the minor's estate, if he had property other than custodial property, as provided
in section 15-14-108 (1), C.R.S.

(6) Custodial property means:

(a) Any interest in property transferred to a custodian under this article; and

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

(7) Custodian means a person so designated under section 11-50-110 or a
successor or substitute custodian designated under section 11-50-119.

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

(9) Legal representative means an individual's personal representative 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 the age of twenty-one
years.

(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.

(13.5) Qualified minor's trust means a trust, including a trust created by a
custodian, of which a minor is the sole current beneficiary and that satisfies the
requirements of section 2503 (c) of the federal Internal Revenue Code of 1986
and the regulations implementing that section.

(14) 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.

(15) Transfer means a transaction that creates custodial property under
section 11-50-110.

(16) Transferor means a person who makes a transfer under this article.

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

Legislative History

Source: L. 84: Entire article R&RE, p. 383, � 1, effective July 1. L. 2000: (5) amended, p. 1832, � 2, effective January 1, 2001. L. 2007: (13.5) added, p. 126, � 2, effective July 1.