Virginia Code 64.2-1900: Definitions
In this chapter, unless the context otherwise requires:
Terms Used In Virginia Code 64.2-1900
- 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. See Virginia Code 64.2-1900
- 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.
- Court: means the circuit court having appropriate jurisdiction. See Virginia Code 64.2-1900
- Custodial property: means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property. See Virginia Code 64.2-1900
- Custodian: means a person so designated under § 64. See Virginia Code 64.2-1900
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Virginia Code 64.2-1900
- 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.
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
- Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
- 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. See Virginia Code 64.2-1900
- 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. See Virginia Code 64.2-1900
- Transfer: means a transaction that creates custodial property under § 64. See Virginia Code 64.2-1900
- Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-1900
- United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
“Adult” means an individual who attained the age of 18 years.
“Benefit plan” means an employer’s plan for the benefit of an employee or partner.
“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.
“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.
“Court” means the circuit court having appropriate jurisdiction.
“Custodial property” means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property.
“Custodian” means a person so designated under § 64.2-1908 or a successor or substitute custodian designated under § 64.2-1917.
“Financial institution” means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law.
“Legal representative” means an individual’s personal representative or conservator.
“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.
“Minor” means an individual who has not attained the age of 18 years.
“Person” means an individual, corporation, organization, or other legal entity.
“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.
“Qualified minor’s trust” means any trust, including a trust created by a custodian, that meets the requirements of § 2503(c) of the Internal Revenue Code of 1986 and the regulations implementing that section.
“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.
“Transfer” means a transaction that creates custodial property under § 64.2-1908.
“Transferor” means a person who makes a transfer under this chapter.
“Trust company” means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.