§ 72-26-502 — Definitions

Montana § 72-26-502

• Jurisdiction: Montana
• Title 72: ESTATES, TRUSTS, AND FIDUCIARY RELATIONSHIPS
• Ch. 26: UNIFORM TRANSFERS TO MINORS ACT
• Part 5: General Provisions

Text

72-26-502 . Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:
(1) "Adult" means an individual who has attained the age of 21 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 district court.
(6) "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.
(7) "Custodian" means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801 .
(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 21 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.
(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 72-26-603 .
(16) "Transferor" means a person who makes a transfer under this chapter.
(17) "Trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.

Legislative History

En. Sec. 3, Ch. 102, L. 1985; amd. Sec. 29, Ch. 582, L. 1989.