Effective 28 Aug 1989

404.007. Definitions. — As used in sections 404.005 to 404.094, unless the context otherwise requires, the following terms shall mean:

(1) "Adult", an individual who has attained the age of twenty-one years, notwithstanding that an individual may be an adult at a different age under other laws of this state;

(2) "Benefit plan", any plan, contract, trust or account for the benefit of employees, partners, members of an organization or an individual, in which a person may designate a beneficiary for a plan benefit; the term "benefit plan" is also used to refer to the fiduciary administering the plan;

(3) "Broker", a person lawfully engaged in the business of effecting transactions in securities or commodities for the broker's own account or the account of others;

(4) "Conservator", a person appointed or qualified by a court to have care and custody of the estate of a minor or a disabled or incapacitated person, whether denominated as general, limited or temporary conservator, or a person legally authorized to perform substantially the same functions;

(5) "Court", the circuit court, including the probate division of the circuit court;

(6) "Custodial property", all property belonging to a minor in the possession and control of a custodian under sections 404.005 to 404.094 and includes the income and proceeds of that property;

(7) "Custodian", a person so designated in a manner prescribed in sections 404.005 to 404.094 and includes a substitute custodian and successor custodian;

(8) "Donor", a transferor who makes a present or future gift of property to a minor by a transfer under sections 404.005 to 404.094 and includes a person who holds a power of appointment to make a gift of the donor's property in a similar manner;

(9) "Financial institution", a bank, trust company, savings and loan company or association, or credit union, chartered and supervised under state or federal law;

(10) "Guardian", a person appointed or qualified by a court to have care and custody of the person of a minor or incapacitated person, whether denominated as general, limited or temporary guardian, or a person legally authorized to perform substantially the same functions;

(11) "Incapacitated person", a person who is wholly or partially unable by reason of any physical or mental condition to receive and evaluate information or to communicate decisions to such an extent that the person lacks ability or capacity to manage his financial resources and is a disabled or incapacitated person as defined in section 475.010;

(12) "Legal representative", a decedent's personal representative, the guardian of a person or the conservator of the estate of a person;

(13) "Member of the minor's family", the minor's parent, grandparent, uncle, aunt, brother, sister and their descendants, whether of the whole blood or the half blood, or by adoption, and the minor's spouse and stepparent;

(14) "Minor", an individual who has not attained the age of twenty-one years, notwithstanding that the individual may be an adult under other laws of this state; the term "minor" is also used to refer to the beneficiary of a custodianship established under sections 404.005 to 404.094 of this act*;

(15) "Person", an individual, corporation, organization, or other legal entity;

(16) "Personal representative", an executor, administrator, successor personal representative, independent personal representative, or special administrator of a decedent's estate, whether court appointed or qualified, or a person legally authorized to perform substantially the same functions;

(17) "Property", any present or future interest in property, real or personal, tangible or intangible, legal or equitable, and includes the income and proceeds of that interest in property;

(18) "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;

(19) "Transferor", a person who transfers property to a minor under sections 404.005 to 404.094 of this act*.

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(L. 1985 S.B. 35, et al. § 1, A.L. 1989 H.B. 145)

*"This act" (H.B. 145, 1989) contained numerous sections. Consult Disposition of Sections table for a definitive listing.