Iowa Code 565B.1 – Definitions
Current as of: 2023 | Check for updates
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In this chapter, unless the context otherwise requires:
1. “Adult” means an individual who has attained the age of twenty-one years.
Terms Used In Iowa Code 565B.1
- 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.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- United States: includes all the states. See Iowa Code 4.1
2. “Benefit plan” means an employer’s plan for the benefit of an employee or partner or an individual retirement account.
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. “Conservator” means 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” means the supreme court, court of appeals, district courts, and other courts the general assembly establishes.
6. “Custodial property” means both of the following:
a. Any interest in property transferred to a custodian under this chapter.
b. The income from and proceeds of that interest in property.
7. “Custodian” means a person so designated under section 565B.9 or a successor or substitute custodian designated under section 565B.18.
8. “Financial institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
9. “Legal representative” means an individual’s personal representative 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 the age of twenty-one years.
12. “Personal representative” means an executor, administrator, successor personal representative, special administrator, or temporary administrator of a decedent‘s estate or a person legally authorized to perform substantially the same functions.
13. “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.
14. “Transfer” means a transaction that creates custodial property under section 565B.9.
15. “Transferor” means a person who makes a transfer under this chapter.
16. “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.