Section 46-7-12 - Definitions. - New Mexico Statutes

46-7-12. Definitions.

[As used in the Uniform Transfers to Minors Act [46-7-11 to 46-7-34 NMSA 1978]:]   

A.     "adult" means an individual who has attained the age of twenty-one years;   

B.     "benefit plan" means an employer's plan for the benefit of an employee or partner;   

C.     "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;   

D.     "conservator" 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;   

E.     "court" means the district court;   

F.     "custodial property" means:   

(1)     any interest in property transferred to a custodian under the Uniform Transfers to Minors Act; and   

(2)     the income from and proceeds of that interest in property;   

G.     "custodian" means a person so designated under Section 10 [46-7-20 NMSA 1978] of the Uniform Transfers to Minors Act or a successor or substitute custodian designated under Section 19 [46-7-29 NMSA 1978] of that act;   

H.     "financial institution" means a bank, trust company, savings institution or credit union chartered and supervised under state or federal law;   

I.     "legal representative" means an individual's personal representative or conservator;   

J.     "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;   

K.     "minor" means an individual who has not attained the age of twenty-one years;   

L.     "person" means an individual, corporation, organization or other legal entity;   

M.     "personal representative" means an executor, administrator, successor, personal representative or special administrator of a decendent's [decedent's] estate or a person legally authorized to perform substantially the same functions;   

N.     "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;   

O.     "transfer" means a transaction that creates custodial property under Section 10 of the Uniform Transfers to Minors Act;   

P.     "transferor" means a person who makes a transfer under that act; and   

Q.     "trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.