404.007. Definitions. - Missouri Statutes

Definitions.

404.007. As used in sections 404.005 to 404.094, unless the contextotherwise requires, the following terms shall mean:

(1) "Adult", an individual who has attained the age of twenty-one years,notwithstanding that an individual may be an adult at a different age underother laws of this state;

(2) "Benefit plan", any plan, contract, trust or account for the benefitof employees, partners, members of an organization or an individual, in whicha person may designate a beneficiary for a plan benefit; the term "benefitplan" is also used to refer to the fiduciary administering the plan;

(3) "Broker", a person lawfully engaged in the business of effectingtransactions in securities or commodities for the broker's own account or theaccount of others;

(4) "Conservator", a person appointed or qualified by a court to havecare and custody of the estate of a minor or a disabled or incapacitatedperson, whether denominated as general, limited or temporary conservator, or aperson legally authorized to perform substantially the same functions;

(5) "Court", the circuit court, including the probate division of thecircuit court;

(6) "Custodial property", all property belonging to a minor in thepossession and control of a custodian under sections 404.005 to 404.094 andincludes the income and proceeds of that property;

(7) "Custodian", a person so designated in a manner prescribed insections 404.005 to 404.094 and includes a substitute custodian and successorcustodian;

(8) "Donor", a transferor who makes a present or future gift of propertyto a minor by a transfer under sections 404.005 to 404.094 and includes aperson who holds a power of appointment to make a gift of the donor's propertyin a similar manner;

(9) "Financial institution", a bank, trust company, savings and loancompany or association, or credit union, chartered and supervised under stateor federal law;

(10) "Guardian", a person appointed or qualified by a court to have careand custody of the person of a minor or incapacitated person, whetherdenominated as general, limited or temporary guardian, or a person legallyauthorized to perform substantially the same functions;

(11) "Incapacitated person", a person who is wholly or partially unableby reason of any physical or mental condition to receive and evaluateinformation or to communicate decisions to such an extent that the personlacks ability or capacity to manage his financial resources and is a disabledor incapacitated person as defined in section 475.010, RSMo;

(12) "Legal representative", a decedent's personal representative, theguardian of a person or the conservator of the estate of a person;

(13) "Member of the minor's family", the minor's parent, grandparent,uncle, aunt, brother, sister and their descendants, whether of the whole bloodor the half blood, or by adoption, and the minor's spouse and stepparent;

(14) "Minor", an individual who has not attained the age of twenty-oneyears, notwithstanding that the individual may be an adult under other laws ofthis state; the term "minor" is also used to refer to the beneficiary of acustodianship established under sections 404.005 to 404.094 of this act*;

(15) "Person", an individual, corporation, organization, or other legalentity;

(16) "Personal representative", an executor, administrator, successorpersonal representative, independent personal representative, or specialadministrator of a decedent's estate, whether court appointed or qualified, ora person legally authorized to perform substantially the same functions;

(17) "Property", any present or future interest in property, real orpersonal, tangible or intangible, legal or equitable, and includes the incomeand proceeds of that interest in property;

(18) "State", includes any state of the United States, the District ofColumbia, the Commonwealth of Puerto Rico, and any territory or possessionsubject to the legislative authority of the United States;

(19) "Transferor", a person who transfers property to a minor undersections 404.005 to 404.094 of this act*.

(L. 1985 S.B. 35, et al. § 1, A.L. 1989 H.B. 145)

*"This act" (H.B. 145, 1989) contained numerous sections. Consult Disposition of Sections table for a definitive listing.