As used in this subchapter: (1) “Adult” means an individual who has attained the age of twenty-one (21) years. (2) “Benefit plan” means an employer’s plan for the benefit of an employee or partner. (3) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person’s own […]
(a) This subchapter shall apply to a transfer that refers to this subchapter in the designation under § 9-26-209(a) by which the transfer is made if at the time of the transfer, the transferor, minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship […]
(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for (name of minor) […]
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to § 9-26-209.
(a) A personal representative or trustee may make an irrevocable transfer pursuant to § 9-26-209 to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under § 9-26-203 to receive the custodial property, the transfer must be made […]
(a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to § 9-26-209, in the absence of a will or under a will or trust that does not contain an authorization to […]
(a) Subject to subsections (b) and (c) of this section, a person not subject to § 9-26-205 or § 9-26-206 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § 9-26-209. (b) […]
A written acknowledgment of delivery by a custodian shall constitute a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this subchapter.
(a) Custodial property is created and a transfer is made whenever: (1) an uncertificated security or a certificated security in registered form is either: (i) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of minor) under […]
A transfer may be made only for one (1) minor, and only one (1) person may be the custodian. All custodial property held under this subchapter by the same custodian for the benefit of the same minor constitutes a single custodianship.
(a) The validity of a transfer made in a manner prescribed in this subchapter shall not be affected by: (1) failure of the transferor to comply with § 9-26-209(c) concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible […]
(a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property […]
(a) A custodian, acting in a custodial capacity, shall have all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section does not relieve a custodian from liability for breach of […]
(a) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (i) the duty or ability of the custodian personally or of any other […]
(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (b) Except for one who is a transferor under § 9-26-204, a custodian shall have a non-cumulative election during each calendar year to charge reasonable compensation for services performed during that year. (c) Except […]
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, shall not be responsible for determining: (1) the validity of the purported […]
(a) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether […]
(a) A person nominated under § 9-26-203 or designated under § 9-26-209 as custodian may decline to serve by delivering a valid disclaimer in the form prescribed by § 28-2-106 [repealed] to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer […]
(a) A minor who has attained the age of fourteen (14) years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court (i) for an accounting by the custodian or the custodian’s legal representative; or (ii) for a […]
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (1) the minor’s attainment of twenty-one (21) years of age with respect to custodial property transferred under § 9-26-204 or § 9-26-205, except that any transferor may have custodial property transferred to […]
