Terms Used In Indiana Code > Title 30 > Article 2 > Chapter 8.6 - Uniform Custodial Trust Act

• adult: means an individual who is at least eighteen (18) years of age. See Indiana Code 30-2-8.6-5
• 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: means an individual for whom property:

  Indiana Code 30-2-8.6-6

• 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}
• 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.
• custodial trust property: means the following:

  Indiana Code 30-2-8.6-7

• custodial trustee: means a person designated as:

  Indiana Code 30-2-8.6-8

• Deed: The legal instrument used to transfer title in real property from one person to another.
• Donee: The recipient of a gift.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• guardian: has the meaning set forth in IC 29-3-1-6. See Indiana Code 30-2-8.6-9
• 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.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• incapacitated: has the meaning set forth in Indiana Code 30-2-8.6-10
• 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 a personal representative or guardian. See Indiana Code 30-2-8.6-11
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Indiana Code 30-2-8.6-13
• personal representative: has the meaning set forth in IC 29-1-1-3. See Indiana Code 30-2-8.6-14
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• 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: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Indiana Code 30-2-8.6-15
• 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.
• transferor: means a person who creates a custodial trust by transfer or declaration. See Indiana Code 30-2-8.6-16
• trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.6-17
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5