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) ( 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.

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;

(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;

The income from and proceeds of that interest in property;

(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) ( 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.