§ 91-20-47. Construction of chapter
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
§ 91-20-49. Severability of provisions of chapter
If any provisions of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end provisions of this chapter are severable.
§ 91-20-21. One custodian for one minor
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 chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.
§ 91-20-23. Factors not affecting validity of transfer; powers and duties of custodian unalterable
The validity of a transfer made in a manner prescribed in this chapter is not affected by: Failure of the transferor to comply with Section 91-20-19(3) concerning possession and control; Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian […]
§ 91-20-25. Powers and duties of custodian; standard of care; records
A custodian shall: Take control of custodial property; Register or record title to custodial property if appropriate; and Collect, hold, manage, invest and reinvest custodial property. In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not […]
§ 91-20-27. Custodian’s exercise of powers and authority over custodial property
A custodian, acting in a custodial capacity, has 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. This section does not relieve a custodian from liability for breach of Section 91-20-25.
§ 91-20-29. Delivery of property or money to minor; expenditure for benefit of minor; conditions; court order
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 (a) the duty or ability of the custodian personally or of any other person […]
§ 91-20-31. Reimbursement of custodian for expenses; compensation of custodian; bond unnecessary
A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. Except for one who is a transferor under Section 91-20-9, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. Except as provided in Section […]
§ 91-20-33. Good faith reliance on capacity of purported custodian
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, is not responsible for determining: The validity of the purported custodian’s designation; […]
§ 91-20-35. Assertion of claim against custodial property; personal liability of custodian or minor
A claim based on (a) a contract entered into by a custodian acting in a custodial capacity, (b) an obligation arising from the ownership or control of custodial property, or (c) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or […]