Wisconsin Statutes 54.854 – Uniform transfers to minors act; definitions
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Terms Used In Wisconsin Statutes 54.854
- 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.
- 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.
- Minor: means a person who has not attained the age of 18 years, except that for purposes of investigating or prosecuting a person who is alleged to have violated a state or federal criminal law or any civil law or municipal ordinance, "minor" does not include a person who has attained the age of 17 years. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Personal representative: means a person, however denominated, who is authorized to administer a decedent's estate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Qualified: when applied to any person elected or appointed to office, means that such person has done those things which the person was by law required to do before entering upon the duties of the person's office. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
(1) “Adult” means an individual who has attained the age of 21 years.
(2) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for that person’s account or for the account of others.
(3) Notwithstanding s. 54.01 (3), “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.
(4) Notwithstanding s. 54.01 (4), “court” means the circuit court.
(5) “Custodial property” means any interest in property transferred to a custodian under ss. 54.854 to 54.898 and the income from and proceeds of that interest in property.
(6) “Custodian” means a person so designated under s. 54.870 or a successor or substitute custodian designated under s. 54.888.
(7) “Financial institution” means a bank, trust company, savings bank, savings and loan association or other savings institution, or credit union, chartered and supervised under state or federal law.
(8) “Legal representative” means an individual’s personal representative or conservator.
(9) “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.
(10) Notwithstanding s. 54.01 (20), “minor” means an individual who has not attained the age of 21 years.
(11) Notwithstanding s. 54.01 (23), “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.
(11m) “Qualified minor’s trust” means any trust, including a trust created by the custodian, that satisfies the requirements of section 2503 (c) of the Internal Revenue Code and the regulations implementing that section.
(12) “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.
(13) “Transfer” means a transaction that creates custodial property under s. 54.870.
(15) “Trust company” means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.