Louisiana Revised Statutes 9:2260.1 – Definitions
Terms Used In Louisiana Revised Statutes 9:2260.1
- 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 Louisiana Revised Statutes 9:2260.1
- 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 a court of competent jurisdiction. See Louisiana Revised Statutes 9:2260.1
- Curator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Louisiana Revised Statutes 9:2260.1
- Custodial trustee: means a person designated as trustee of a custodial trust under this Chapter or a substitute or successor to the person designated. See Louisiana Revised Statutes 9:2260.1
- Decedent: A deceased person.
- 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.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Louisiana Revised Statutes 9:2260.1
- Personal representative: means an executor, administrator, or representative of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them. See Louisiana Revised Statutes 9:2260.1
- State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Louisiana Revised Statutes 9:2260.1
- Trustee: A person or institution holding and administering property in trust.
- Tutor: means a person appointed or qualified by a court to act as guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Louisiana Revised Statutes 9:2260.1
As used in this Chapter:
(1) “Adult” means an individual who has attained the age of eighteen years.
(2) “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.
(3) “Court” means a court of competent jurisdiction.
(4) “Curator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
(5) “Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this Chapter and the income from and proceeds of that interest.
(6) “Custodial trustee” means a person designated as trustee of a custodial trust under this Chapter or a substitute or successor to the person designated.
(7) “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.
(8) “Legal representative” means a personal representative, tutor, or curator.
(9) “Member of the beneficiary‘s family” means a beneficiary‘s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(10) “Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.
(11) “Personal representative” means an executor, administrator, or representative of a decedent‘s estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.
(12) “State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
(13) “Transferor” means a person who creates a custodial trust by transfer or declaration.
(14) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
(15) “Tutor” means a person appointed or qualified by a court to act as guardian of a minor’s property or a person legally authorized to perform substantially the same functions.
Acts 1995, No. 655, §1, eff. Jan. 1, 1998.