54.854 Uniform transfers to minors act; definitions. In ss. 54.854 to 54.898:
(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.
(14) “Transferor" means a person who makes a transfer under ss. 54.854 to 54.898.
(15) “Trust company" means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
History: 1987 a. 191; 1991 a. 221; 2005 a. 216; 2005 a. 387 s. 527; Stats. 2005 s. 54.854.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.