TITLE 44 PROPERTY

Section 5. Acquisition and Loss of Property, 44-5-1 through 44-5-230.

ARTICLE 5 THE GEORGIA TRANSFERS TO MINORS ACT

44-5-111. Definitions.

As used in this article, the term:

1. "Adult" means an individual who has attained the age of 21 years.
2. "Benefit plan" means an employer's plan for the benefit of an employee or partner or an individual retirement account.
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. "Court" means the probate court in the county where the minor resides, or, if the minor is not a resident of this state, the probate court in the county where the custodian resides or has his principal place of business or where the custodial property is located.
5. "Custodial property" means any interest in property transferred to a custodian under the authority of this article and the income from and proceeds of that interest in property.
6. "Custodian" means a person so designated under Code Section 44-5-119 or a successor or substitute custodian designated under Code Section 44-5-128.
7. "Financial institution" means a bank, trust company, national banking association, industrial bank, savings institution, or credit union chartered and supervised under state or federal law.
8. "Guardian" 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.
9. "Legal representative" means an individual's personal representative 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 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 under Code Section 44-5-119.
16. "Transferor" means a person who makes a transfer under the authority of this article.
17. "Trust company" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers in this state.

(Code 1981, §44-5-111, enacted by Ga. L. 1990, p. 667, § 1.)