Kentucky Statutes 385.012 – Definitions
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As used in KRS § 385.022 to KRS § 385.222:
(1) “Adult” means an individual who has attained the age of eighteen (18) years;
(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) “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 District Court; (6) “Custodial property” means:
(a) Any interest in property transferred to a custodian under KRS § 385.032 to
385.222; and
(b) The income from and proceeds of that interest in property;
(7) “Custodian” means a person so designated under KRS § 385.092; or a successor or substitute custodian designated under KRS § 385.182;
(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, step-parent, 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 eighteen (18) years; (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) “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;
(15) “Transfer” means a transaction that creates custodial property under KRS § 385.092; (16) “Transferor” means a person who makes a transfer under KRS § 385.032 to KRS § 385.222; (17) “Trust company” means a financial institution, corporation, or other legal entity,
authorized to exercise general trust powers.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 1, effective July 15, 1986.
(1) “Adult” means an individual who has attained the age of eighteen (18) years;
Terms Used In Kentucky Statutes 385.012
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- 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.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Federal: refers to the United States. See Kentucky Statutes 446.010
- 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.
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(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) “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 District Court; (6) “Custodial property” means:
(a) Any interest in property transferred to a custodian under KRS § 385.032 to
385.222; and
(b) The income from and proceeds of that interest in property;
(7) “Custodian” means a person so designated under KRS § 385.092; or a successor or substitute custodian designated under KRS § 385.182;
(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, step-parent, 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 eighteen (18) years; (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) “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;
(15) “Transfer” means a transaction that creates custodial property under KRS § 385.092; (16) “Transferor” means a person who makes a transfer under KRS § 385.032 to KRS § 385.222; (17) “Trust company” means a financial institution, corporation, or other legal entity,
authorized to exercise general trust powers.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 1, effective July 15, 1986.