North Dakota Code 47-24.1-01 – Definitions
In this chapter:
Terms Used In North Dakota Code 47-24.1-01
- 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.
- 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.
- Individual: means a human being. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Adult” means an individual who has attained the age of twenty-one 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 the district court.
6. “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.
7. “Custodian” means a person so designated under section 47-24.1-09 or a successor or substitute custodian designated under section 47-24.1-18.
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, or special administrator of a decedent‘s estate or a person legally authorized to perform substantially the same functions.
13. “State” includes the Commonwealth of Puerto Rico.
14. “Transfer” means a transaction that creates custodial property under section 47-24.1-09.
15. “Transferor” means a person who makes a transfer under this chapter.
16. “Trust company” means a financial institution, corporation, limited liability company, or other legal entity, authorized to exercise general trust powers.