As used in this chapter, unless the context otherwise requires:

(1) “Adult” means an individual who has attained twenty-one (21) years of age;
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Terms Used In Tennessee Code 35-7-102

  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • 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 the chancery, probate and juvenile courts and other courts having probate jurisdiction, which shall have concurrent jurisdiction under this chapter. See Tennessee Code 35-7-102
  • Custodial property: means :
    (A) Any interest in property transferred to a custodian under this chapter. See Tennessee Code 35-7-102
  • Custodian: means a person so designated, including a person designated as a joint custodian pursuant to §. See Tennessee Code 35-7-102
  • Decedent: A deceased person.
  • Financial institution: means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law. See Tennessee Code 35-7-102
  • 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.
  • Guardian: means a person appointed by or qualified in a court to act as a general, limited, or temporary guardian or conservator of a minor's property or person or a person legally authorized to perform substantially the same functions. See Tennessee Code 35-7-102
  • 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.
  • Minor: means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age. See Tennessee Code 35-7-102
  • Person: means an individual, corporation, organization, or other legal entity. See Tennessee Code 35-7-102
  • 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 Tennessee Code 35-7-102
  • Probate: Proving a will
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • 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 Tennessee Code 35-7-102
  • Transfer: means a transaction that creates custodial property under this chapter. See Tennessee Code 35-7-102
  • Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Tennessee Code 35-7-102
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(2) “Benefit plan” means an employer’s plan for the benefit of an employee or partner;
(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 others;
(4) “Court” means the chancery, probate and juvenile courts and other courts having probate jurisdiction, which shall have concurrent jurisdiction under this chapter;
(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 so designated, including a person designated as a joint custodian pursuant to § 35-7-111, or a successor or substitute custodian designated according to this chapter;
(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 by or qualified in a court to act as a general, limited, or temporary guardian or conservator of a minor‘s property or person or a person legally authorized to perform substantially the same functions;
(9) “Legal representative” means an individual’s personal representative, guardian or conservator;
(10) “Member of the minor’s family” means the minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption;
(11) “Minor” means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age;
(12) “Person” means an individual, corporation, organization, or other legal entity;
(13) “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;
(14) “Qualified minor’s trust” means any trust, including a trust created by the custodian, that satisfies the requirements of federal Internal Revenue Code § 2503(c) ( 26 U.S.C. § 2503(c) ), and the regulations implementing that section;
(15) “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;
(16) “Transfer” means a transaction that creates custodial property under this chapter;
(17) “Transferor” means a person who makes a transfer under this chapter; and
(18) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
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