Terms Used In Virginia Code > Title 64.2 > Subtitle IV > Part C > Chapter 19 - Virginia Uniform Transfers to Minors Act

• Adult: means an individual who attained the age of 18 years. See Virginia Code 64.2-1900
• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Agency: means any person that provides or offers to provide debt management plans for consumers. See Virginia Code 6.2-2000
• 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.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized delegate: means a person designated or appointed by a licensee to sell money orders or provide money transmission services on behalf of the licensee. See Virginia Code 6.2-1900
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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}
• Bequest: Property gifted by will.
• 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 Virginia Code 64.2-1900
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Commission: means the State Corporation Commission. See Virginia Code 6.2-100
• Commissioner: means the Commissioner of Financial Institutions. See Virginia Code 6.2-100
• Complex project: means a construction project that includes one or more of the following significant components: difficult site location, unique equipment, specialized building systems, multifaceted program, accelerated schedule, historic designation, or intricate phasing or some other aspect that makes the design-bid-build project delivery method not practical. See Virginia Code 2.2-4379
• 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 Virginia Code 64.2-1900
• Construction: means building, altering, repairing, improving or demolishing any structure, building or highway, and any draining, dredging, excavation, grading or similar work upon real property. See Virginia Code 2.2-4301
• Construction management contract: means a contract in which a party is retained by the owner to coordinate and administer contracts for construction services for the benefit of the owner and may also include, if provided in the contract, the furnishing of construction services to the owner. See Virginia Code 2.2-4379
• Consumer: means an individual residing in the Commonwealth who owes money to one or more creditors, for personal, family, or household purposes, including an individual who owes money jointly with one or more other individuals. See Virginia Code 6.2-2000
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Court: means the circuit court having appropriate jurisdiction. See Virginia Code 64.2-1900
• Covered institution: means a public institution of higher education operating (i) subject to a management agreement set forth in Article 4 (§ Virginia Code 2.2-4379
• 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 Virginia Code 64.2-1900
• Custodian: means a person so designated under § Virginia Code 64.2-1900
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debt collector: means a person defined as a debt collector under Virginia Code 6.2-2000
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Department of Taxation. See Virginia Code 9.1-209
• Department: means the Department of General Services. See Virginia Code 2.2-4379
• Design-bid-build: means a project delivery method in which a public body sequentially awards two separate contracts, the first for professional services to design the project and the second utilizing competitive sealed bidding for construction of the project according to the design. See Virginia Code 2.2-4379
• Director: means the Executive Director of the Department of Fire Programs. See Virginia Code 9.1-209
• Division: means the Division of Engineering and Buildings of the Department of General Services as established by § Virginia Code 2.2-4379
• DMP: means a program whereby a person agrees to engage in debt pooling and distribution services on behalf of a consumer, or multiple consumers if a joint account. See Virginia Code 6.2-2000
• Entity: means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. ^{Source: OCC}
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Virginia Code 64.2-1900
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goods: means all material, equipment, supplies, printing, and automated data processing hardware and software. See Virginia Code 2.2-4301
• 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.
• Immediate family: means a spouse, children, parents, brothers and sisters, and any other person living in the same household as the employee. See Virginia Code 2.2-4368
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Inter vivos: Transfer of property from one living person to another living person.
• 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 Virginia Code 64.2-1900
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means a person licensed under this chapter to engage in the business of selling money orders or the business of money transmission, or both. See Virginia Code 6.2-1900
• Licensee: means a person licensed under this chapter. See Virginia Code 6.2-2000
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Manufacturer: means (i) a person who manufactures or otherwise produces, or causes to be manufactured or produced, cigarettes intended for sale in the Commonwealth, including cigarettes intended for sale in the United States through an importer; (ii) the first purchaser anywhere that intends to resell in the United States cigarettes that the original manufacturer or maker does not intend for sale in the United States; or (iii) the successor to a person listed in clause (i) or (ii). See Virginia Code 9.1-209
• Member: means a person who owns or controls a 10 percent or greater interest in a limited liability company. See Virginia Code 6.2-1900
• Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
• Money order: means a check, traveler's check, draft, or other instrument for the transmission or payment of money or monetary value whether or not negotiable. See Virginia Code 6.2-1900
• Money transmission: means receiving money or monetary value for transmission by wire, facsimile, electronic means or other means or selling or issuing stored value. See Virginia Code 6.2-1900
• 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.
• offeror: means a person who has the capability, in all respects, to perform fully the contract requirements and the moral and business integrity and reliability that will assure good faith performance, and who has been prequalified, if required. See Virginia Code 2.2-4301
• Official responsibility: means administrative or operating authority, whether intermediate or final, to initiate, approve, disapprove or otherwise affect a procurement transaction, or any claim resulting therefrom. See Virginia Code 2.2-4368
• Outstanding: means :

  1. See Virginia Code 6.2-1900

• Pecuniary interest arising from the procurement: means a personal interest in a contract as defined in the State and Local Government Conflict of Interests Act (§ Virginia Code 2.2-4368
• Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
• Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
• 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 Virginia Code 64.2-1900
• Principal: means any person who, directly or indirectly, owns or controls a 10 percent or greater interest in any form of entity. See Virginia Code 6.2-1900
• Principal: means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a person. See Virginia Code 6.2-2000
• Procurement transaction: means all functions that pertain to the obtaining of any goods, services or construction, including description of requirements, selection and solicitation of sources, preparation and award of contract, and all phases of contract administration. See Virginia Code 2.2-4368
• Public body: means any legislative, executive or judicial body, agency, office, department, authority, post, commission, committee, institution, board or political subdivision created by law to exercise some sovereign power or to perform some governmental duty, and empowered by law to undertake the activities described in this chapter. See Virginia Code 2.2-4301
• Public body: means the same as that term is defined in § Virginia Code 2.2-4379
• Public contract: means an agreement between a public body and a nongovernmental source that is enforceable in a court of law. See Virginia Code 2.2-4301
• Public employee: means any person employed by a public body, including elected officials or appointed members of governing bodies. See Virginia Code 2.2-4368
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Registry: means the licensing and registration system operated by the State Regulatory Registry LLC. See Virginia Code 6.2-1900
• Repeatability: means the range of values within which the repeat results of cigarette test trials from a single laboratory will fall 95 percent of the time. See Virginia Code 9.1-209
• Services: means any work performed by an independent contractor wherein the service rendered does not consist primarily of acquisition of equipment or materials, or the rental of equipment, materials and supplies. See Virginia Code 2.2-4301
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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 Virginia Code 64.2-1900
• state agency: means the same as that term is defined in § Virginia Code 1-206
• State public body: means any authority, board, department, instrumentality, agency, or other unit of state government. See Virginia Code 2.2-4379
• Stored value: means monetary value that is evidenced by an electronic record. See Virginia Code 6.2-1900
• 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.
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• Transfer: means a transaction that creates custodial property under § Virginia Code 64.2-1900
• Transferor: means a person who makes a transfer under this chapter. See Virginia Code 64.2-1900
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-1900
• Trustee: A person or institution holding and administering property in trust.
• Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255