As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) ADULT. An individual who has attained the age of 21 years.
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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
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.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
property: includes both real and personal property. See Alabama Code 1-1-1
state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1
(2) BENEFIT PLAN. An employer’s plan for the benefit of an employee or partner, or an individual retirement account.(3) BROKER. 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.(4) CONSERVATOR. 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.(5) COURT. Circuit court.(6) CUSTODIAL PROPERTY.
a. Any interest in property transferred to a custodian under this chapter andb. The income from and proceeds of that interest in property.(7) CUSTODIAN. A person so designated under Section 35-5A-10 or a successor or substitute custodian designated under Section 35-5A-19.(8) FINANCIAL INSTITUTION. A bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.(9) LEGAL REPRESENTATIVE. An individual’s personal representative or conservator.(10) MEMBER OF THE MINOR’S FAMILY. The minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.(11) MINOR. An individual who has not attained the age of 21 years.(12) PERSON. An individual, corporation, organization, or other legal entity.(13) PERSONAL REPRESENTATIVE. 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.(14) 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.(15) TRANSFER. A transaction that creates custodial property under Section 35-5A-10.(16) TRANSFEROR. A person who makes a transfer under this chapter.(17) TRUST COMPANY. A financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
