Terms Used In Rhode Island General Laws > Chapter 18-7 - Uniform Transfers to Minors Act

• Adult: means an individual who has attained the age of twenty-one (21) years. See Rhode Island General Laws 18-7-2
• 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 for the person's own account or for the account of others. See Rhode Island General Laws 18-7-2
• 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. See Rhode Island General Laws 18-7-2
• 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 probate court. See Rhode Island General Laws 18-7-2
• Custodial property: means :

  (i)  Any interest in property transferred to a custodian under this chapter; and

  (ii)  The income from and proceeds of that interest in property. See Rhode Island General Laws 18-7-2

• Custodian: means a person designated under § 18-7-10 or a successor or substitute custodian designated under § 18-7-19. See Rhode Island General Laws 18-7-2
• 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 Rhode Island General Laws 18-7-2
• 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.
• 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 Rhode Island General Laws 18-7-2
• Minor: means an individual who has not attained the age of twenty-one (21) years. See Rhode Island General Laws 18-7-2
• 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 Rhode Island General Laws 18-7-2
• Personal property: All property that is not real property.
• 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 Rhode Island General Laws 18-7-2
• Probate: Proving a will
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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. See Rhode Island General Laws 18-7-2
• 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 § 18-7-10. See Rhode Island General Laws 18-7-2
• Transferor: means a person who makes a transfer under this chapter. See Rhode Island General Laws 18-7-2
• Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Rhode Island General Laws 18-7-2
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8