Maine § 1652. - Definitions

§ 1652.. Definitions

As used in this Act, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1987, c. 734, §2 (NEW).]

1.  Adult.  "Adult" means an individual who has attained 18 years of age.

2.  Benefit plan.  "Benefit plan" means an employer's plan for the benefit of an employee or partner.

3.  Broker.  "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.  "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.  "Court" means the Probate Court.

6.  Custodial property.  "Custodial property" means any interest in property transferred to a custodian under this Act and the income from and proceeds of that interest in property.

7.  Custodian.  "Custodian" means a person so designated under section 1660 or a successor or substitute custodian designated under section 1669.

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

9.  Legal representative.  "Legal representative" means an individual's personal representative or conservator.

10.  Member of the minor's family.  "Member of the minor's family" means the minor's parent, step-parent, spouse, grandparent, brother, sister, uncle or aunt whether of whole or 1/2 blood or by adoption.

11.  Minor.  "Minor" means an individual who has not attained 18 years of age.

12.  Person.  "Person" means an individual, corporation, organization or other legal entity.

13.  Personal representative.  "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.  "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.  "Transfer" means a transaction that creates custodial property under section 1660.

16.  Transferor.  "Transferor" means a person who makes a transfer under this Act.

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