Illinois General Assembly - Illinois Compiled Statutes

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760 ILCS 20/2

(760 ILCS 20/2) (from Ch. 110 1/2, par. 252)

Sec. 2.

Definitions.

In this Act:

(1) "Adult" means an individual who has attained the age of 21 years.

(2) "Benefit plan" means any pension plan, retirement, death benefit,
deferred compensation, employment, agency, stock bonus, option or profit
sharing contract, plan, system, account, trust or individual retirement
account.
A benefit plan "obligor" means the party designated under the plan to
make distributions, otherwise the paying entity.

(3) "Beneficial interest in a land trust" and "land trust" mean the same
as "beneficial interest" and "land trust" as defined in "An Act to require
disclosure, under certification of perjury, of all beneficial interests in
real property held in a land trust, in certain cases", approved September
21, 1973, as now or hereafter amended.

(4) "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 another.

(5) "Court" means an Illinois circuit court.

(6) "Custodial property" means (i) any interest in property transferred
to a custodian under this Act and (ii) the income from and proceeds of that
interest in property.

(7) "Custodian" means a person designated under Section 10 or a successor or
substitute custodian designated under Section 19.

(8) "Financial Institution" means a bank, trust company, savings
institution, or credit union, chartered and supervised under state or federal law.

(9) "Governing instrument" means any judicial order or non-judicial
document creating or describing property rights.

(10) "Guardian" 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.

(11) "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.

(12) "Minor" means an individual who has not attained the age of 21 years.

(13) "Person" means an individual, corporation,
organization, or other entity.

(13.5) "Qualified minor's trust" means any trust (including a trust created
by the
custodian) (i) of which the minor is the sole beneficiary and (ii) that
satisfies the
requirements of Section 2503(c) of the Internal Revenue Code and the
regulations
implementing that Section.

(14) "Representative" means an executor,
administrator, general, temporary or limited guardian,
successor representative, an obligor under a benefit plan or
other governing instrument
or a person legally authorized to perform substantially the same functions.

(15) "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.

(16) "Transfer" means a transaction that creates custodial
property under Section 10.

(17) "Transferor" means a person who makes a transfer under this Act.

(18) "Trust company" means a financial institution, corporation, or
other entity, authorized to exercise general trust powers.

(Source: P.A. 91-90, eff. 1-1-00.)