2014 Vermont Statutes
Title 14 - Decedents' Estates and Fiduciary Relations
Chapter 115 - VERMONT UNIFORM GIFTS TO MINORS ACT
§ 3201 Definitions

§ 3201. Definitions

In this chapter, unless the context otherwise requires:

(1) An "adult" is a person who has attained his or her majority.

(2) A "bank" is a savings bank and trust company, trust company, national banking association, savings bank, or savings institution authorized to do business in Vermont.

(3) A "broker" is a person lawfully engaged in the business of effecting transactions in securities for the account of others. The term includes a bank which effects such transactions. The term also includes a person lawfully engaged in buying and selling securities for his or her own account, through a broker or otherwise, as a part of a regular business.

(4) "Court" means the probate division of the superior court.

(5) "The custodial property" includes:

(A) all securities, money, life insurance policies and annuity contracts under the supervision of the same custodian for the same minor as a consequence of a gift or gifts made to the minor in a manner prescribed in this chapter;

(B) the income from the custodial property; and

(C) the proceeds, immediate and remote, from the sale, exchange, conversion, investment, reinvestment or other disposition of such securities, money and income.

(6) A "custodian" is a person so designated in a manner prescribed in this chapter.

(7) A "guardian" of a minor includes the general guardian, guardian, tutor or curator of his or her property, estate or person, including one qualified in another state.

(8) An "issuer" is a person who places or authorizes the placing of his name on a security, other than as a transfer agent, to evidence that it represents a share, participation or other interest in his or her property or in an enterprise or to evidence his or her duty or undertaking to perform an obligation evidenced by the security, or who becomes responsible for or in place of any such person.

(9) A "legal representative" of a person is his or her executor or the administrator, general guardian, guardian, committee, conservator, tutor or curator of his or her property or estate including one qualified in another state.

(10) A "member" of a "minor's family" means any of the minor's parents, grandparents, brothers, sisters, uncles and aunts, whether of the whole blood or the half blood, or by or through legal adoption.

(11) A "security" includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation in, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. The term does not include a security of which the donor is the issuer. A security is in "registered form" when it specifies a person entitled to it or to the rights it evidences and its transfer may be registered upon books maintained for that purpose by or on behalf of the issuer.

(12) A "transfer agent" is a person who acts as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of transfers of its securities or in the issue of new securities or in the cancellation of surrendered securities.

(13) A "trust company" is a bank authorized to exercise trust powers in the state.

(14) "Life insurance policies and annuity contracts" means only life insurance policies and annuity contracts on the life of a minor or a member of a minor's family as defined in subdivision (10) of this section. (Amended 1971, No. 90, § 5; 1973, No. 133 (Adj. Sess.), §§ 1, 4; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011.)