Okla. Stat. tit. 58 § 1202

Current through Laws 2024, c. 453.

Section 1202 - Definitions

As used in the Oklahoma Uniform Transfers to Minors Act:

1. "Adult" means an individual who has attained the age of twenty-one (21) 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. "Guardian" means a person appointed or qualified by a court to act as guardian of the estate or of the person and the estate.

5. "Court" means the district court of this state in the county where the minor resides, or, if the minor is not a resident of this state, the district court of this state in the county where the custodian resides or has his principal place of business.

6. "Custodial property" means:

a. any interest in property transferred to a custodian pursuant to the provisions of the Oklahoma Uniform Transfers to Minors Act, and

b. the income from and proceeds of that interest in property.

7. "Custodian" means a person so designated pursuant to Section 1210 of this title or a successor or substitute custodian designated pursuant to Section 1219 of this title.

8. "Financial institution" means a bank, trust company, savings institution, or credit union, chartered and supervised according to state or federal law.

9. "Legal representative" means an individual's personal representative, conservator, or guardian.

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 (21) 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 pursuant to Section 1210 of this title.

16. "Transferor" means a person who makes a transfer pursuant to the provisions of the Oklahoma Uniform Transfers to Minors Act.

17. "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.

Okla. Stat. tit. 58, § 1202

Added by Laws 1986, HB 1227, c. 261, § 2, eff. 11/1/1986; Amended by Laws 1993, HB 1714, c. 158, § 2, eff. 9/1/1993.