Texas Property Code 141.002 – Definitions
Terms Used In Texas Property Code 141.002
- 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.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Probate: Proving a will
- Property: means real and personal property. See Texas Government Code 311.005
In this chapter:
(1) “Adult” means an individual who is at least 21 years of age.
(2) “Benefit plan” means a retirement plan, including an interest described by Sections 111.004(19)-(23).
(3) “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.
(4) “Court” means a court with original probate jurisdiction.
(5) “Custodial property” means:
(A) any interest in property transferred to a custodian under this chapter; and
(B) the income from and proceeds of that interest in property.
(6) “Custodian” means a person designated as a custodian under Section 141.010 or a successor or substitute custodian designated under Section 141.019.
(7) “Financial institution” means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law.
(8) “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.
(9) “Legal representative” means an executor, independent executor, administrator or independent administrator of a decedent‘s estate, an obligor under a benefit plan or other governing instrument, a successor legal representative, or a person legally authorized to perform substantially the same functions.
(10) “Member of the minor’s family” means the minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of whole or half blood or by adoption.
(11) “Minor” means an individual who is younger than 21 years of age.
(12) “Transfer” means a transaction that creates custodial property under Section 141.010.
(12-a) “Qualified minor’s trust” means a trust to which a gift is considered a present interest under Section 2503(c), Internal Revenue Code of 1986.
(13) “Transferor” means a person who makes a transfer under this chapter.
(14) “Trust company” means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.