Terms Used In Arizona Laws > Title 14 > Chapter 7 > Article 7 - Arizona Uniform Transfers to Minors Act

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Adult: means a person who is at least twenty-one years of age. See Arizona Laws 14-7651
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Application: means a written request to the registrar for an order of informal probate or appointment under chapter 3, article 3 of this title. See Arizona Laws 14-1201
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• 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 chapter. See Arizona Laws 14-9101
• 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. See Arizona Laws 14-7651
• Conservator: means a person appointed or qualified by a court to act as a general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Arizona Laws 14-7651
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Court: means the superior court. See Arizona Laws 14-7651
• Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
• Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
• Executor: A male person named in a will to carry out the decedent
• Financial institution: means a bank, trust company, savings institution or credit union, which is chartered and supervised under state or federal law. See Arizona Laws 14-7651
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing instrument: means a deed, will, trust, insurance or annuity policy, account with pay on death designation, security registered in beneficiary form, pension, profit sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or power of attorney or supported decision-making agreement or a dispositive, appointive or nominative instrument of any similar type. See Arizona Laws 14-1201
• 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. See Arizona Laws 14-9101
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Interested person: includes any trustee, heir, devisee, child, spouse, creditor, beneficiary, person holding a power of appointment and other person who has a property right in or claim against a trust estate or the estate of a decedent, ward or protected person. See Arizona Laws 14-1201
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legal representative: means an individual's personal representative or conservator. See Arizona Laws 14-7651
• Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Organization: means a corporation, limited liability company, business trust, estate, trust, partnership, joint venture, association, government or governmental subdivision or agency or any other legal or commercial entity. See Arizona Laws 14-1201
• Parent: includes any person entitled to take, or who would be entitled to take if the child died without a will, as a parent under this title by intestate succession from the child whose relationship is in question and excludes any person who is only a stepparent, foster parent or grandparent. See Arizona Laws 14-1201
• Payor: means a trustee, insurer, business entity, employer, government, governmental agency or subdivision or any other person who is authorized or obligated by law or a governing instrument to make payments. See Arizona Laws 14-1201
• Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
• 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. See Arizona Laws 14-7651
• Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
• Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
• Property: includes both real and personal property. See Arizona Laws 1-215
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
• Special administrator: means a personal representative as described by sections 14-3614 through 14-3618. See Arizona Laws 14-1201
• State: includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and a territory or possession subject to the legislative authority of the United States. See Arizona Laws 14-7651
• Statute: A law passed by a legislature.
• Street name or nominee name: means registration used by a broker or financial institution for holding securities if they are not registered in the name of the beneficial owner. See Arizona Laws 14-7651
• Successor personal representative: means a personal representative, other than a special administrator, who is appointed to succeed a previously appointed personal representative. See Arizona Laws 14-1201
• Testator: includes a person of either sex. See Arizona Laws 14-1201
• Testator: A male person who leaves a will at death.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
• Transferor: means a person who makes a transfer pursuant to this article. See Arizona Laws 14-7651
• Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
• Trust company: means a financial institution, corporation or other legal entity, which is authorized to exercise general trust powers. See Arizona Laws 14-7651
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215