Illinois Compiled Statutes 760 ILCS 20/2 – Definitions
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In this Act:
(1) “Adult” means an individual who has attained the age of 21 years.
(2) “Benefit plan” means any pension plan, retirement, death benefit, deferred compensation, employment, agency, stock bonus, option or profit sharing contract, plan, system, account, trust or individual retirement account. A benefit plan “obligor” means the party designated under the plan to make distributions, otherwise the paying entity.
(3) “Beneficial interest in a land trust” and “land trust” mean the same as “beneficial interest” and “land trust” as defined in “An Act to require disclosure, under certification of perjury, of all beneficial interests in real property held in a land trust, in certain cases”, approved September 21, 1973, as now or hereafter amended.
(4) “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 another.
(5) “Court” means an Illinois circuit court.
(6) “Custodial property” means (i) any interest in property transferred to a custodian under this Act and (ii) the income from and proceeds of that interest in property.
(7) “Custodian” means a person designated under Section 10 or a successor or substitute custodian designated under Section 19.
(8) “Financial Institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
(9) “Governing instrument” means any judicial order or non-judicial document creating or describing property rights.
(10) “Guardian” 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.
(11) “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.
(12) “Minor” means an individual who has not attained the age of 21 years.
(13) “Person” means an individual, corporation, organization, or other entity.
(13.5) “Qualified minor’s trust” means any trust (including a trust created by the custodian) (i) of which the minor is the sole beneficiary and (ii) that satisfies the requirements of Section 2503(c) of the Internal Revenue Code and the regulations implementing that Section.
(14) “Representative” means an executor, administrator, general, temporary or limited guardian, successor representative, an obligor under a benefit plan or other governing instrument or a person legally authorized to perform substantially the same functions.
(15) “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.
(16) “Transfer” means a transaction that creates custodial property under Section 10.
(17) “Transferor” means a person who makes a transfer under this Act.
(18) “Trust company” means a financial institution, corporation, or other entity, authorized to exercise general trust powers.
(1) “Adult” means an individual who has attained the age of 21 years.
Terms Used In Illinois Compiled Statutes 760 ILCS 20/2
- 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
- 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.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(2) “Benefit plan” means any pension plan, retirement, death benefit, deferred compensation, employment, agency, stock bonus, option or profit sharing contract, plan, system, account, trust or individual retirement account. A benefit plan “obligor” means the party designated under the plan to make distributions, otherwise the paying entity.
(3) “Beneficial interest in a land trust” and “land trust” mean the same as “beneficial interest” and “land trust” as defined in “An Act to require disclosure, under certification of perjury, of all beneficial interests in real property held in a land trust, in certain cases”, approved September 21, 1973, as now or hereafter amended.
(4) “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 another.
(5) “Court” means an Illinois circuit court.
(6) “Custodial property” means (i) any interest in property transferred to a custodian under this Act and (ii) the income from and proceeds of that interest in property.
(7) “Custodian” means a person designated under Section 10 or a successor or substitute custodian designated under Section 19.
(8) “Financial Institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
(9) “Governing instrument” means any judicial order or non-judicial document creating or describing property rights.
(10) “Guardian” 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.
(11) “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.
(12) “Minor” means an individual who has not attained the age of 21 years.
(13) “Person” means an individual, corporation, organization, or other entity.
(13.5) “Qualified minor’s trust” means any trust (including a trust created by the custodian) (i) of which the minor is the sole beneficiary and (ii) that satisfies the requirements of Section 2503(c) of the Internal Revenue Code and the regulations implementing that Section.
(14) “Representative” means an executor, administrator, general, temporary or limited guardian, successor representative, an obligor under a benefit plan or other governing instrument or a person legally authorized to perform substantially the same functions.
(15) “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.
(16) “Transfer” means a transaction that creates custodial property under Section 10.
(17) “Transferor” means a person who makes a transfer under this Act.
(18) “Trust company” means a financial institution, corporation, or other entity, authorized to exercise general trust powers.