{"data":{"id":"us-nm/46-7-12","jurisdiction":"us-nm","citation":"46-7-12","heading":"Definitions.","body":"[As used in the Uniform Transfers to Minors Act [46-7-11 to 46-7-34 NMSA 1978]:]\nA. \"adult\" means an individual who has attained the age of twenty-one years;\nB. \"benefit plan\" means an employer's plan for the benefit of an employee or partner;\nC. \"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;\nD. \"conservator\" 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;\nE. \"court\" means the district court;\nF. \"custodial property\" means:\n(1) any interest in property transferred to a custodian under the Uniform Transfers to Minors Act; and\n(2) the income from and proceeds of that interest in property;\nG. \"custodian\" means a person so designated under Section 10 [46-7-20 NMSA 1978] of the Uniform Transfers to Minors Act or a successor or substitute custodian designated under Section 19 [46-7-29 NMSA 1978] of that act;\nH. \"financial institution\" means a bank, trust company, savings institution or credit union chartered and supervised under state or federal law;\nI. \"legal representative\" means an individual's personal representative or conservator;\nJ. \"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;\nK. \"minor\" means an individual who has not attained the age of twenty-one years;\nL. \"person\" means an individual, corporation, organization or other legal entity;\nM. \"personal representative\" means an executor, administrator, successor, personal representative or special administrator of a decendent's [decedent's] estate or a person legally authorized to perform substantally [substantially] the same functions;\nN. \"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;\nO. \"transfer\" means a transaction that creates custodial property under Section 10 of the Uniform Transfers to Minors Act;\nP. \"transferor\" means a person who makes a transfer under that act; and\nQ. \"trust company\" means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.","path":["Chapter 46 - Fiduciaries and Trusts","ARTICLE 7 Transfers to Minors"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18547/index.do","current_through":"2024-04-26","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"f1593bcddcc6b0174d73785e6c1915fa5c3db8bbeb6ef2c6feb51feb02085022","source_id":"us-nm","stale":false,"prev":"us-nm/46-7-11","next":"us-nm/46-7-13"},"notice":"GroundRules: Original legal text. Not legal advice."}