Mississippi § 91-20-3 - Definitions.

§ 91-20-3. Definitions.

In this chapter: “Adult” means an individual who has attained the age of twenty-one (21) years. “Benefit plan” means an employer’s plan for the benefit of an employee or partner. “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. “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. “Court” means the chancery court of the county in which the parties reside. “Custodial property” means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property. “Custodian” means a person so designated under § 91-20-19 or a successor or substitute custodian designated under § 91-20-37 . “Financial institution” means a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law. “Legal representative” means an individual’s personal representative or conservator. “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. “Minor” means an individual who has not attained the age of twenty-one (21) years. “Person” means an individual, corporation, organization or other legal entity. “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. “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. “Transfer” means a transaction that creates custodial property under Section 91-20-19. “Transferor” means a person who makes a transfer under this chapter. “Trust company” means a financial institution, corporation or other legal entity authorized to exercise general trust powers. HISTORY: Laws, 1994, ch. 416, § 2, eff from and after January 1, 1995. Editor’s Notes — Laws of 1994, ch. 416, § 26, provides as follows: “SECTION 26. Sections 91-19-1, 91-19-3, 91-19-5, 91-19-7, 91-19-9, 91-19-11, 91-19-13, 91-19-15, 91-19-17 and 91-19-19, Mississippi Code of 1972, entitled the ”Mississippi Uniform Gifts to Minors Law,“ which regulate the manner of making certain gifts to minors, are repealed. To the extent that this act, by virtue of Section 23(2), does not apply to transfers made in a manner prescribed in the Mississippi Uniform Gifts to Minors Law or to the powers, duties and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the repeal of Sections 91-19-1 through 91-19-19 does not affect those transfers or those powers, duties and immunities.” Cross References — Another definition of “minor,” see § 1-3-27 . Savings banks as qualified institutions within meaning of that term as used in Uniform Gifts to Minors Law, see § 81-14-385 . RESEARCH REFERENCES ALR. Wills: what constitutes “bank,” “checking,” or “savings” account, within meaning of bequest. 31 A.L.R.4th 688. Am. Jur. 38 Am. Jur. 2d, Gifts §§ 1 et seq., 6, 7.