§ 64.2-900 Definitions
As used in this chapter: “Adult” means an individual who is at least 18 years of age. “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter. “Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. “Court” means a circuit court of the Commonwealth. “Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. “Custodial trustee” means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. “Guardian” means a person appointed or qualified by a court as a guardian of a person, including a limited guardian, but not a person who is only a guardian ad litem. “Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause. “Legal representative” means a personal representative or conservator. “Member of the beneficiary’s family” means a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption. “Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. “Personal representative” means an executor, administrator, or special administrator of a decedent’s estate, a person legally authorized to perform substantially the same functions, or a successor to any of them. “State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. “Transferor” means a person who creates a custodial trust by transfer or declaration. “Trust company” means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.
History
This law was first created in 1990. The record of its establishment is cataloged in chapter 264 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2012, chapter 614.
1990, c. 264, § 55-34.1; 2012, c. 614.