New Mexico Statutes 46-7-12. Definitions
[As used in the Uniform Transfers to Minors Act N.M. Stat. Ann. § 46-7-11 to 46-7-34:] A. “adult” means an individual who has attained the age of twenty-one years;
Terms Used In New Mexico Statutes 46-7-12
- 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.
B. “benefit plan” means an employer’s plan for the benefit of an employee or partner;
C. “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;
D. “conservator” 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;
E. “court” means the district court; F. “custodial property” means:
(1) any interest in property transferred to a custodian under the Uniform Transfers to Minors Act; and
(2) the income from and proceeds of that interest in property;
G. “custodian” means a person so designated under Section 10 [46-7-20 N.M. Stat. Ann.] of the Uniform Transfers to Minors Act or a successor or substitute custodian designated under Section 19 [46-7-29 N.M. Stat. Ann.] of that act;
H. “financial institution” means a bank, trust company, savings institution or credit union chartered and supervised under state or federal law;
I. “legal representative” means an individual’s personal representative or conservator;
J. “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;
K. “minor” means an individual who has not attained the age of twenty-one years; L. “person” means an individual, corporation, organization or other legal entity;
M. “personal representative” means an executor, administrator, successor, personal representative or special administrator of a decendent’s [decedent’s] estate or a person legally authorized to perform substantally [substantially] the same functions;
N. “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;
O. “transfer” means a transaction that creates custodial property under Section 10 of the Uniform Transfers to Minors Act;
P. “transferor” means a person who makes a transfer under that act; and
Q. “trust company” means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.