§ 1 Short title
§ 2 Definitions
§ 3 Scope and Jurisdiction
§ 4 Nomination of Custodian
§ 5 Transfer by Gift or Exercise of Power of Appointment
§ 6 Authorized Transfers
§ 7 Other Transfer by Fiduciary
§ 8 Transfer by Other Obligor
§ 9 Receipt for Custodial Property
§ 10 Manner of Creating Custodial Property and Effecting Transfer; …
§ 11 Single Custodianship
§ 12 Validity and Effect of Transfer
§ 13 Care of Custodial Property
§ 14 Powers of Custodian
§ 15 Use of Custodial Property
§ 16 Custodian’s Expenses, Compensation, and Bond
§ 17 Exemption of Third Person from Liability
§ 18 Liability to Third Persons
§ 19 Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian
§ 20 Accounting by and Determination of Liability of Custodian
§ 21 Termination of Custodianship
§ 22 Applicability
§ 23 Effect on Existing Custodianships
§ 24 Uniformity of Application and Construction
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Terms Used In Illinois Compiled Statutes > 760 ILCS 20 - Illinois Uniform Transfers to Minors Act

  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Executor: A male person named in a will to carry out the decedent
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
  • Testator: A male person who leaves a will at death.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.