Tennessee § 35-7-102 - Chapter definitions.

§ 35-7-102. Chapter definitions.

As used in this chapter, unless the context otherwise requires: “Adult” means an individual who has attained twenty-one (21) years of age; “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; “Court” means the chancery, probate and juvenile courts and other courts having probate jurisdiction, which shall have concurrent jurisdiction under this chapter; “Custodial property” means: Any interest in property transferred to a custodian under this chapter; and The income from and proceeds of that interest in property; “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; “Financial institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law; “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; “Legal representative” means an individual's personal representative, guardian 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 twenty-one (21) years of age, although the minor may already be of legal age; “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; “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; “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 this chapter; “Transferor” means a person who makes a transfer under this chapter; and “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. Compiler's Notes. Former part 1, §§ 35-7-101 — 35-7-110 (Acts 1957, ch. 112, §§ 1-10; 1961, ch. 232, § 1; 1963, ch. 65, §§ 1-9; 1968, ch. 600, §§ 1-10; 1972, ch. 612, § 6; 1973, ch. 190, § 1; 1975, ch. 294, § 1; 1976, ch. 393, § 1; 1983, ch. 336, § 1; T.C.A., §§ 35-801 — 35-810), concerning the Uniform Gifts to Minors Act, was repealed by Acts 1992, ch. 664, § 1 effective October 1, 1992. See present § 35-7-125 . For present law see this chapter.