New Mexico Statutes 45-7-502. Definitions
As used in the Uniform Custodial Trust Act N.M. Stat. Ann. § 45-7-501 to 45-7-522: A. “adult” means an individual who is at least eighteen years of age;
Terms Used In New Mexico Statutes 45-7-502
- 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
- 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.
- 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.
- Trustee: A person or institution holding and administering property in trust.
B. “beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under the Uniform Custodial Trust Act;
C. “conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions;
D. “court” means the district court of this state;
E. “custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under the Uniform Custodial Trust Act and the income from and proceeds of that interest;
F. “custodial trustee” means a person designated as trustee of a custodial trust under the Uniform Custodial Trust Act or a substitute or successor to the person designated;
G. “guardian” means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem;
H. “incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause;
I. “legal representative” means a personal representative or conservator;
J. “member of the beneficiary‘s family” means a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption;
K. “person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association or any other legal or commercial entity;
L. “personal representative” means an executor, administrator or special administrator of a decedent‘s estate, a person legally authorized to perform substantially the same functions or a successor to any of them;
M. “state” means a state, territory or possession of the United States, the district of Columbia or the commonwealth of Puerto Rico;
N. “transferor” means a person who creates a custodial trust by transfer or declaration; and
O. “trust company” means a financial institution, corporation or other legal entity authorized to exercise general trust powers.