Louisiana § RS 9:751 - Definitions

§ RS 9:751. Definitions

            As used in this Subpart:

            (1) "Adult" means an individual who has attained the age of twenty-two 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) "Court" means a court of competent jurisdiction in the parish of the domicile of the minor.

            (5) "Custodial property" means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property.

            (6) "Custodian" means a person so designated under R.S. 9:759 or a successor or substitute custodian designated under R.S. 9:768.

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

            (8) "Legal representative" means an individual's personal representative or tutor.

            (9) "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.

            (10) "Minor" means an individual who has not attained the age of twenty-two years.

            (11) "Person" means an individual, corporation, organization, or other legal entity.

            (12) "Personal representative" means an executor, administrator, or representative of a decedent's estate or a person legally authorized to perform substantially the same functions.

            (13) "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.

            (14) "Transfer" means a transaction that creates custodial property under R.S. 9:759.

            (15) "Transferor" means a person who makes a transfer under this Subpart.

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

            (17) "Tutor" means a person appointed or qualified by a court to act as guardian of a minor's property or a person legally authorized to perform substantially the same functions, including but not limited to a curator.

            Acts 1987, No. 469, §1, eff. Jan. 1, 1988; Acts 2023, No. 60, §1.

            NOTE: See Acts 2024, No. 194, §1, regarding retroactive application of Acts 2023, No. 60.