38-1701 Title of act.
38-1701. Title of act. This act may be cited as the Kansas uniform transfers to minors act. History: L. 1985, ch. 143, § 24; July 1.
38-1702 Definitions.
38-1702. Definitions. In this act: (1) “Adult” means an individual who has attained the age of 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 account […]
38-1703 Scope and jurisdiction.
38-1703. Scope and jurisdiction. (a) This act applies to a transfer that refers to this act in the designation under subsection (a) of K.S.A. 38-1710 by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property […]
38-1704 Nomination of custodian.
38-1704. Nomination of custodian. (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 […]
38-1705 Transfer by gift or exercise of power of appointment.
38-1705. Transfer by gift or exercise of power of appointment. 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 K.S.A. 38-1710. History: L. 1985, ch. 143, § 4; July 1.
38-1706 Transfer authorized by will or trust.
38-1706. Transfer authorized by will or trust. (a) A personal representative or trustee may make an irrevocable transfer pursuant to K.S.A. 38-1710 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 K.S.A. 38-1704 to receive the […]
38-1707 Other transfer by fiduciary.
38-1707. Other transfer by fiduciary. (a) Subject to subsection (c), 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 K.S.A. 38-1710, in the absence of a will or under a will or trust that does not contain an […]
38-1708 Transfer by obligor.
38-1708. Transfer by obligor. (a) Subject to subsections (b) and (c), a person not subject to K.S.A. 38-1706 or 38-1707 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 K.S.A. 38-1710. (b) […]
38-1709 Receipt for custodial property.
38-1709. Receipt for custodial property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this act. History: L. 1985, ch. 143, § 8; July 1.
38-1710 Manner of creating custodial property and effecting transfer; designation of initial custodian; control.
38-1710. Manner of creating custodial property and effecting transfer; designation of initial custodian; control. (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 […]
38-1711 Single custodianship.
38-1711. Single custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship. History: L. 1985, ch. 143, § 10; July 1.
38-1712 Validity and effect of transfer.
38-1712. Validity and effect of transfer. (a) The validity of a transfer made in a manner prescribed in this act is not affected by: (1) Failure of the transferor to comply with subsection (c) of K.S.A. 38-1710 concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the case […]
38-1713 Care of custodial property.
38-1713. Care of custodial property. (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 […]
38-1714 Powers of custodian.
38-1714. Powers of custodian. (a) 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. (b) This section does not relieve a custodian from liability […]
38-1715 Use of custodial property.
38-1715. Use of custodial property. (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 […]
38-1716 Custodian’s expenses, compensation and bond.
38-1716. Custodian’s expenses, compensation and bond. (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 K.S.A. 38-1705, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed […]
38-1717 Exemption of third person from liability.
38-1717. Exemption of third person from liability. 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: […]
38-1718 Liability to third persons.
38-1718. Liability to third persons. (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 […]
38-1719 Renunciation, resignation, death or removal of custodian; designation of successor custodian.
38-1719. Renunciation, resignation, death or removal of custodian; designation of successor custodian. (a) A person nominated under K.S.A. 38-1704 or designated under K.S.A. 38-1710 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving […]
38-1720 Accounting by and determination of liability of custodian.
38-1720. Accounting by and determination of liability of custodian. (a) A minor who has attained the age of 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 […]