Bill Text: AZ SB1200 | 2016 | Fifty-second Legislature 2nd Regular | Engrossed
Bill Title: Uniform transfers to minors; age
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2016-02-24 - Senate Committee of the Whole action: Do Pass Amended [SB1200 Detail]
Download: Arizona-2016-SB1200-Engrossed.html
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Senate Engrossed |
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State of Arizona Senate Fifty-second Legislature Second Regular Session 2016
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SENATE BILL 1200 |
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AN ACT
Amending sections 14-7651 and 14-7670, Arizona Revised Statutes; relating to the Arizona uniform transfers to minors act.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 14-7651, Arizona Revised Statutes, is amended to read:
14-7651. Definitions
In this article, unless the context otherwise requires:
1. "Adult" means a person who is at least twenty‑one eighteen years of age.
2. "Benefit plan" means an employer's plan for the benefit of an employee or partner.
3. "Broker" means a person who is 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. "Conservator" means a person who is appointed or qualified by a court to act as a general, limited or temporary guardian of a minor's property or a person who is legally authorized to perform substantially the same functions.
5. "Court" means the superior court.
6. "Custodial property" means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property.
7. "Custodian" means a person who is designated pursuant to section 14‑7659 or a successor or substitute custodian who is designated pursuant to section 14‑7668.
8. "Financial institution" means a bank, trust company, savings institution or credit union, which that is chartered and supervised under state or federal law.
9. "Legal representative" means an individual's personal representative or conservator.
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 a person who is under the age of twenty‑one years eighteen years of age.
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 who is legally authorized to perform substantially the same functions.
14. "State" includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and a territory or possession subject to the legislative authority of the United States.
15. "Street name or nominee name" means registration used by a broker or financial institution for holding securities if they are not registered in the name of the beneficial owner.
16. "Transfer" means a transaction that creates custodial property pursuant to section 14‑7659.
17. "Transferor" means a person who makes a transfer pursuant to this article.
18. "Trust company" means a financial institution, corporation or other legal entity, which that is authorized to exercise general trust powers.
Sec. 2. Section 14-7670, Arizona Revised Statutes, is amended to read:
14-7670. Termination of custodianship
The custodian shall transfer in an appropriate manner the custodial property to the minor or the minor's estate on the earlier of:
1. The minor's twenty‑first birthday with respect to custodial property transferred pursuant to section 14‑7654 or 14‑7655.
2. 1. The minor's eighteenth birthday with respect to custodial property transferred pursuant to section 14‑7656 or 14‑7657.
3. 2. The minor's death.
