§ 18-7-2 - Definitions. - Rhode Island Statutes

SECTION 18-7-2

   § 18-7-2  Definitions. – In this chapter, unless the context otherwise requires:

   (1) "Adult" means an individual who has attained the age oftwenty-one (21) years.

   (2) "Benefit plan" means an employer's plan for the benefitof an employee or partner.

   (3) "Broker" means a person lawfully engaged in the businessof effecting transactions in securities or commodities for the person's ownaccount or for the account of others.

   (4) "Conservator" means a person appointed or qualified by acourt to act as general, limited, or temporary guardian of a minor's propertyor a person legally authorized to perform substantially the same functions.

   (5) "Court" means probate court.

   (6) "Custodial property" means:

   (i) Any interest in property transferred to a custodian underthis chapter; and

   (ii) The income from and proceeds of that interest inproperty.

   (7) "Custodian" means a person designated under §18-7-10 or a successor or substitute custodian designated under § 18-7-19.

   (8) "Financial institution" means a bank, trust company,savings institution, or credit union, chartered and supervised under state orfederal law.

   (9) "Legal representative" means an individual's personalrepresentative or conservator.

   (10) "Member of the minor's family" means the minor's parent,stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether ofthe whole or half blood or by adoption.

   (11) "Minor" means an individual who has not attained the ageof twenty-one (21) years.

   (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 adecedent's estate or a person legally authorized to perform substantially thesame functions.

   (14) "State" includes any state of the United States, theDistrict of Columbia, the commonwealth of Puerto Rico, and any territory orpossession subject to the legislative authority of the United States.

   (15) "Transfer" means a transaction that creates custodialproperty under § 18-7-10.

   (16) "Transferor" means a person who makes a transfer underthis chapter.

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