Neb. Rev. Stat. §§ 43-2702

Current with changes through the 2024 First Special Legislative Session

Section 43-2702 - Definitions

For purposes of the Nebraska Uniform Transfers to Minors Act:

(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, member, 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 county court;

(6) Custodial property means

(a) any interest in property transferred to a custodian under the Nebraska Uniform Transfers to Minors Act and

(b) the income from and proceeds of that interest in property;

(7) Custodian means a person so designated under section 43-2710 or a successor or substitute custodian designated under section 43-2719;

(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) Person means an individual, corporation, limited liability company, 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 means 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 43-2710;

(16) Transferor means a person who makes a transfer under the Nebraska Uniform Transfers to Minors Act; and

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

Neb. Rev. Stat. §§ 43-2702

Laws 1992, LB 907, § 2; Laws 1993, LB 121, § 218.