West Virginia Code 36-7-1 – Definitions
In this article:
Terms Used In West Virginia Code 36-7-1
- 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.
- Executor: A male person named in a will to carry out the decedent
- 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 and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
(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 any circuit court.
(6) "Custodial property" means (i) any interest in property transferred to a custodian under this article and (ii) the income from and proceeds of that interest in property.
(7) "Custodian" means a person so designated under section nine or a successor or substitute custodian designated under section eighteen of this article.
(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 the personal representative or conservator of an individual.
(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 twenty-one 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 section nine of this article.
(16) "Transferor" means a person who makes a transfer under this article.
(17) "Trust company" means a financial institution, corporation or other legal entity authorized to exercise general trust powers.