{"jurisdiction": "us-ny", "code": "eptl", "section": "7-6.1", "citation": "EPTL § 7-6.1", "heading": "Definitions", "text": ["§ 7-6.1 Definitions", "In this part:", "(a) \"Adult\" means an individual who has attained the age of twenty-one years.", "(b)  \"Benefit  plan\"  means  an  employer's plan for the benefit of an employee or partner or an individual retirement account.", "(c) \"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.", "(d)  \"Court\" means   the supreme court or the surrogate's court having jurisdiction over the minor.", "(e)  \"Custodial  property\"  means  (i)  any   interest   in   property transferred  to a custodian under this part and (ii) the income from and proceeds of that interest in property.", "(f) \"Custodian\"  means  a  person  so  designated  under  7-6.9  or  a successor or substitute custodian designated under 7-6.18.", "(g)  \"Financial  institution\"  means  a  bank,  trust company, savings institution, or credit union, chartered and supervised  under  state  or federal law.", "(h) \"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.", "(i)   \"Legal   representative\"   means   an   individual's    personal representative or guardian.", "(j)  \"Member  of the minor's family\" means any of the minor's parents, stepparents, spouse, grandparents, brothers, sisters, uncles, and aunts, whether of the whole  blood  or  half  blood  or  by  or  through  legal adoption.", "(k)  \"Minor\"  means  an  individual  who  has  not attained the age of twenty-one years.", "(l) \"Person\" means an individual, corporation, organization, or  other legal entity.", "(m)  \"Personal representative\" means a person who has received letters to administer the estate of a decedent or a person legally authorized to perform substantially the same functions.", "(n) \"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.", "(o) \"Transfer\" means a transaction  that  creates  custodial  property under 7-6.9.", "(p) \"Transferor\" means a person who makes a transfer under this part.", "(q)  \"Trust  company\"  means  a financial institution, corporation, or other legal entity, authorized to exercise general trust powers in  this state."], "official_source": "https://www.nysenate.gov/legislation/laws/EPT/7-6.1", "from_official_api": true, "plain_english": "This section defines the terms used in the New York Uniform Transfers to Minors Act.\n- **(a)/(k)** **Adult** = has reached **21**; **minor** = under **21**. ★\n- **(b)** **Benefit plan**: an employer's plan for an employee or partner, or an IRA.\n- **(c)** **Broker**: a person lawfully in the business of effecting securities or commodities transactions for itself or others.\n- **(d)** **Court**: the **supreme court or the surrogate's court** with jurisdiction over the minor. ★\n- **(e)** **Custodial property**: any interest transferred to a custodian under this part, plus its income and proceeds.\n- **(f)** **Custodian**: a person designated under 7-6.9, or a successor or substitute under 7-6.18.\n- **(g)** **Financial institution**: a state- or federally chartered and supervised bank, trust company, savings institution or credit union.\n- **(h)** **Guardian**: a court-appointed or qualified general, limited or temporary guardian of a minor's property, or a person legally authorized to do substantially the same.\n- **(i)** **Legal representative**: a personal representative or guardian.\n- **(j)** **Member of the minor's family**: the minor's **parents, stepparents, spouse, grandparents, brothers, sisters, uncles and aunts**, by whole or half blood or adoption. ★\n- **(l)** **Person**: an individual, corporation, organization or other legal entity.\n- **(m)** **Personal representative**: a person holding letters to administer a decedent's estate, or the functional equivalent.\n- **(n)** **State**: any U.S. state, D.C., Puerto Rico, and any U.S. territory or possession.\n- **(o)–(p)** **Transfer**: a transaction creating custodial property under 7-6.9; **transferor**: the person making it.\n- **(q)** **Trust company**: a financial institution, corporation or other entity authorized to exercise general trust powers in New York.", "in_force_on": "2026-05-31", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/eptl/7-6.1", "publisher": "Elyphived LLC"}