§554B-1  Definitions.  As used in this
chapter:



"Adult" means an individual who has
attained the age of eighteen years.



"Beneficiary" means an individual for
whom property has been delivered to a custodial trustee for the individual's
use and benefit under this chapter.



"Conservator" means a person
appointed or qualified by a court to manage the estate of an individual or a
person legally authorized to perform substantially the same functions.



"Court" means the circuit court of
the State.



"Custodial trustee" means a person
designated as trustee of a custodial trust under this chapter and includes a
substitute or successor custodial trustee.



"Custodial trust property" means an
interest in property transferred to a custodial trustee under this chapter and
the income from and proceeds of that interest.



"Guardian" means a person appointed
or qualified by a court as a guardian of an individual and includes a limited
guardian, but excludes a person who is merely a guardian ad litem.



"Incapacitated" means that an
individual lacks the ability to manage property and business affairs
effectively by reason of mental illness, mental deficiency, physical illness or
disability, chronic use of drugs, chronic intoxication, confinement, detention
by a foreign power, disappearance, minority, or other cause.  A beneficiary
shall be treated as incapacitated for the purpose of this chapter if the
transferor so directs in the instrument creating the custodial trust.



"Legal representative" means a
personal representative or conservator.



"Member of the beneficiary's family"
includes a beneficiary's spouse, descendant, stepchild, parent, stepparent,
grandparent, brother, sister, uncle, or aunt, whether of the whole or half
blood or by adoption.



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



"Personal representative" includes an
executor, administrator, or special administrator of a decedent's estate or a
person legally authorized to perform substantially the same functions and
includes a successor personal representative.



"State" means a state, commonwealth,
territory, or possession of the United States, or the District of Columbia.



"Transferor" means a person who
creates a custodial trust by transfer or declaration.



"Trust company" means a financial
institution, corporation, or other legal entity, authorized to exercise general
trust powers. [L 1989, c 76, pt of §1; am L 2004, c 161, §22]