As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:

1. (1) ADULT. An individual who has attained the age of 21 years.
2. (2) BENEFIT PLAN. An employer’s plan for the benefit of an employee or partner, or an individual retirement account.
3. (3) BROKER. 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. (4) CONSERVATOR. 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. (5) COURT. Circuit court.

6. (6) CUSTODIAL PROPERTY.

   1. a. Any interest in property transferred to a custodian under this chapter and
   2. b. The income from and proceeds of that interest in property.
7. (7) CUSTODIAN. A person so designated under Section 35-5A-10 or a successor or substitute custodian designated under Section 35-5A-19.
8. (8) FINANCIAL INSTITUTION. A bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
9. (9) LEGAL REPRESENTATIVE. An individual’s personal representative or conservator.
10. (10) MEMBER OF THE MINOR’S FAMILY. The minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
11. (11) MINOR. An individual who has not attained the age of 21 years.
12. (12) PERSON. An individual, corporation, organization, or other legal entity.
13. (13) PERSONAL REPRESENTATIVE. 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. (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. (15) TRANSFER. A transaction that creates custodial property under Section 35-5A-10.
16. (16) TRANSFEROR. A person who makes a transfer under this chapter.
17. (17) TRUST COMPANY. A financial institution, corporation, or other legal entity, authorized to exercise general trust powers.

(Acts 1986, No. 86-453, p. 819, §1.)