Pennsylvania § 5301 - Short title of chapter and definitions.

§ 5301. Short title of chapter and definitions.

(a) Short title of chapter.--This chapter shall be known and may be cited as the Pennsylvania Uniform Transfers to Minors Act.

(b) Definitions.--The following words and phrases when used in this chapter shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:

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

"Broker." 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.

"Custodial property." Any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property.

"Custodian." A person so designated under section 5309 (relating to manner of creating custodial property and effecting transfer) or a successor or substitute custodian designated under section 5318 (relating to renunciation, resignation, death or removal of custodian).

"Financial institution." A bank, trust company, savings institution or credit union chartered and supervised under Federal or state law.

"Legal representative." An individual's personal representative or guardian.

"Member of the minor's family." The minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.

"Minor." An individual who has not attained 21 years of age, except that, when used with reference to the beneficiary for whose benefit custodial property is held or is to be held, an individual who has not attained the age at which the custodian is required under sections 5320 (relating to termination of custodianship) and 5321 (relating to delay in transfer of custodial property after minor attains age 21) to transfer the custodial property to the beneficiary.

"Transfer." A transaction that creates custodial property under section 5309 (relating to manner of creating custodial property and effecting transfer).

"Transferor." A person who makes a transfer under this chapter.

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

(May 16, 2002, P.L.330, No.50, eff. 60 days)

2002 Amendment. Act 50 amended the def. of "minor" in subsec. (b). See section 14(a) of Act 50 in the appendix to this title for special provisions relating to applicability.

Validation. Section 26(b) of Act 152 of 1992 provided that any transfer of custodial property defined in section 5301(b) made before the effective date of Act 152 shall be validated notwithstanding that there was no specific authority in the Pennsylvania Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.