Terms Used In Indiana Code > Title 30 > Article 2 > Chapter 8.5 - Indiana Uniform Transfers to Minors Act

• adult: means an individual who is at least twenty-one (21) years of age. See Indiana Code 30-2-8.5-1
• 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.
• 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}
• broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities, or both, for the person's own account or for the account of others, or both. See Indiana Code 30-2-8.5-3
• 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.
• custodial property: means :

  Indiana Code 30-2-8.5-4

• custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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 chartered and supervised under state or federal law. See Indiana Code 30-2-8.5-6
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• guardian: has the meaning set forth in IC 29-3-1-6. See Indiana Code 30-2-8.5-7
• 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 guardian. See Indiana Code 30-2-8.5-8
• minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
• 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.
• person: means an individual, corporation, organization, or other legal entity. See Indiana Code 30-2-8.5-11
• 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 Indiana Code 30-2-8.5-12
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• 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 Indiana Code 30-2-8.5-13
• Statute: A law passed by a legislature.
• 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 under section 24 of this chapter. See Indiana Code 30-2-8.5-14
• transferor: means a person who makes a transfer under this chapter. See Indiana Code 30-2-8.5-15
• trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.5-16
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5