Section 35-5A-1 – Short Title.
Section 35-5A-1 Short title. This chapter may be cited as the “Alabama Uniform Transfers to Minors Act.” (Acts 1986, No. 86-453, p. 819, §24.)
Section 35-5A-10 – Manner of Creating Custodial Property and Effecting Transfer; Form of Transfer; Control of Custodial Property.
Section 35-5A-10 Manner of creating custodial property and effecting transfer; form of transfer; control of custodial property. (a) Custodial property is created and a transfer is made whenever: (1) An uncertificated security or a certificated security in registered form is either: a. Registered in the name of the transferor, an adult other than the transferor, […]
Section 35-5A-11 – Transfer to Be for One Minor; Only One Custodian; Single Custodianship.
Section 35-5A-11 Transfer to be for one minor; only one custodian; 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 chapter by the same custodian for the benefit of the same minor constitutes a single custodianship. (Acts 1986, No. […]
Section 35-5A-12 – Validity of Transfer; Interest Conveyed; Rights of Custodian and Minor as to Property Transferred; Provisions of Chapter Incorporated in Transfer; Transfer Does Not Authorize Settlement or Release of Claims.
Section 35-5A-12 Validity of transfer; interest conveyed; rights of custodian and minor as to property transferred; provisions of chapter incorporated in transfer; transfer does not authorize settlement or release of claims. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) Failure of the transferor to […]
Section 35-5A-13 – Powers and Duties of Custodian as to Custodial Property Generally.
Section 35-5A-13 Powers and duties of custodian as to custodial property generally. (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 […]
Section 35-5A-14 – Custodian Has Rights and Powers That Unmarried Adult Would Have as to Property.
Section 35-5A-14 Custodian has rights and powers that unmarried adult would have as to property. (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 […]
Section 35-5A-15 – Delivery, Payment, or Expenditure of Custodial Property for Benefit of Minor.
Section 35-5A-15 Delivery, payment, or expenditure of custodial property for benefit of minor. (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 […]
Section 35-5A-16 – Custodian’s Expenses, Compensation, and Bond.
Section 35-5A-16 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 Section 35-5A-5, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services […]
Section 35-5A-17 – Exemption of Third Person From Liability for Good Faith Dealings With Custodian.
Section 35-5A-17 Exemption of third person from liability for good faith dealings with 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 […]
Section 35-5A-18 – Claims Against Custodial Property; Personal Liability of Custodian and Minor.
Section 35-5A-18 Claims against custodial property; personal liability of custodian and minor. (a) A claim based on (1) a contract entered into by a custodian acting in a custodial capacity, (2) an obligation arising from the ownership or control of custodial property, or (3) a tort committed during the custodianship, may be asserted against the […]
Section 35-5A-19 – Renunciation, Resignation, Death or Removal of Custodian; Designation of Successor Custodian.
Section 35-5A-19 Renunciation, resignation, death or removal of custodian; designation of successor custodian. (a) A person nominated under section 35-5A-4 or designated under section 35-5A-10 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 or by effecting […]
Section 35-5A-2 – Definitions.
Section 35-5A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ADULT. An individual who has attained the age of 21 years. (2) BENEFIT PLAN. An employer’s plan for the benefit of an employee or partner, or an individual retirement account. (3) […]
Section 35-5A-20 – Accounting by and Determining of Liability of Custodian.
Section 35-5A-20 Accounting by and determining 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 (1) for an accounting by the custodian […]
Section 35-5A-21 – Termination of Custodianship Upon Minor’s Reaching Age 21 or Age of Majority or Upon Minor’s Death.
Section 35-5A-21 Termination of custodianship upon minor’s reaching age 21 or age of majority or upon minor’s death. 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 21 years of age with respect to custodial property […]
Section 35-5A-22 – Applicability of Chapter.
Section 35-5A-22 Applicability of chapter. This chapter applies to a transfer within the scope of section 35-5A-3 made after October 1, 1986, if: (1) The transfer purports to have been made under the Alabama Uniform Gifts to Minors Act; or (2) The instrument by which the transfer purports to have been made uses in substance […]
Section 35-5A-23 – Transfers Made Before and Custodianships Existing on October 1, 1986; Property Held in Custodianship Which Terminated Between July 22, 1975, and October 1, 1986, When Minor Attained Age 19.
Section 35-5A-23 Transfers made before and custodianships existing on October 1, 1986; property held in custodianship which terminated between July 22, 1975, and October 1, 1986, when minor attained age 19. (a) Any transfer of custodial property as now defined in this chapter made before October 1, 1986, is validated notwithstanding that there was no […]
Section 35-5A-24 – Uniformity of Application and Construction.
Section 35-5A-24 Uniformity of application and construction. 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. (Acts 1986, No. 86-453, p. 819, §23.)
Section 35-5A-3 – Transfers and Custodians to Which Chapter Applicable; Personal Jurisdiction Over Custodian; Transfers Made Under Law of Another State.
Section 35-5A-3 Transfers and custodians to which chapter applicable; personal jurisdiction over custodian; transfers made under law of another state. (a) This chapter applies to a transfer that refers to this chapter in the designation under section 35-5A-10(a) by which the transfer is made if at the time of the transfer, the transferor, the minor, […]
Section 35-5A-4 – Nomination of Custodian.
Section 35-5A-4 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 […]
Section 35-5A-5 – Transfer by Gift or Exercise of Power of Appointment.
Section 35-5A-5 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 Section 35-5A-10. (Acts 1986, No. 86-453, p. 819, §4.)