This section defines terms used in the chapter, including who counts as an adult or minor and what a transfer means.
Sec. 141.002. DEFINITIONS. In this chapter: (1) "Adult" means an individual who is at least 21 years of age. (2) "Benefit plan" means a retirement plan, including an interest described by Sections 111.004(19)-(23). (3) "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 another. (4) "Court" means a court with original probate jurisdiction. (5) "Custodial property" means: (A) any interest in property transferred to a custodian under this chapter; and (B) the income from and proceeds of that interest in property. (6) "Custodian" means a person designated as a custodian under Section 141.010 or a successor or substitute custodian designated under Section 141.019. (7) "Financial institution" means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. (8) "Guardian" 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. (9) "Legal representative" means an executor, independent executor, administrator or independent administrator of a decedent's estate, an obligor under a benefit plan or other governing instrument, a successor legal representative, or a person legally authorized to perform substantially the same functions. (10) "Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of whole or half blood or by adoption. (11) "Minor" means an individual who is younger than 21 years of age. (12) "Transfer" means a transaction that creates custodial property under Section 141.010. (12-a) "Qualified minor's trust" means a trust to which a gift is considered a present interest under Section 2503(c), Internal Revenue Code of 1986. (13) "Transferor" means a person who makes a transfer under this chapter. (14) "Trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 2 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997. Amended by: Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564), Sec. 16, eff. September 1, 2007.