§ 28-72-401 - Definitions. - Arkansas Statutes

28-72-401. Definitions.

As used in this subchapter:

(1) "Adult" means an individual who is at least eighteen (18) years of age;

(2) "Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this subchapter;

(3) "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;

(4) "Court" means the circuit court of the appropriate county of this state;

(5) "Custodial trust property" means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this subchapter and the income from the proceeds of that interest;

(6) "Custodial trustee" means a person designated as trustee of a custodial trust under this subchapter or a substitute or successor to the person designated;

(7) "Guardian" means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem;

(8) "Incapacitated" means lacking 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 disabling cause;

(9) "Legal representative" means a personal representative or conservator;

(10) "Member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption;

(11) "Person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity;

(12) "Personal representative" means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them;

(13) "State" means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico;

(14) "Transferor" means a person who creates a custodial trust by transfer or declaration;

(15) "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.