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Current as of January 02, 2024 | Updated by Findlaw Staff
As used in this chapter, unless the context otherwise requires:
(1) “Adult” means an individual who has attained twenty-one (21) years of age;
(2) “Benefit plan” means an employer's plan for the benefit of an employee or partner;
(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 others;
(4) “Court” means the chancery, probate and juvenile courts and other courts having probate jurisdiction, which shall have concurrent jurisdiction under this chapter;
(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 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;
(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 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;
(9) “Legal representative” means an individual's personal representative, guardian or conservator;
(10) “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;
(11) “Minor” means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age;
(12) “Person” means an individual, corporation, organization, or other legal entity;
(13) “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;
(14) “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;
(15) “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;
(16) “Transfer” means a transaction that creates custodial property under this chapter;
(17) “Transferor” means a person who makes a transfer under this chapter; and
(18) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
Cite this article: FindLaw.com - Tennessee Code Title 35. Fiduciaries and Trust Estates § 35-7-102 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-35-fiduciaries-and-trust-estates/tn-code-sect-35-7-102/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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