710.101 – Short Title.
710.101 Short title.—This act may be cited as the “Florida Uniform Transfers to Minors Act.” History.—s. 1, ch. 85-95.
710.102 – Definitions.
710.102 Definitions.—As used in this act, the term: (1) “Adult” means an individual who has attained the age of 21 years. (2) “Benefit plan” means a retirement plan and may include, but is not limited to, any pension, profit-sharing, stock-bonus, or stock-ownership plan or individual retirement account. (3) “Broker” means a person lawfully engaged in the business of effecting […]
710.103 – Scope and Jurisdiction.
710.103 Scope and jurisdiction.— (1) This act applies to a transfer that refers to this act in the designation under s. 710.111(1) 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 is located in this state. […]
710.104 – Nomination of Custodian.
710.104 Nomination of custodian.— (1) 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 […]
710.105 – Transfer by Gift or Exercise of Power of Appointment.
710.105 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 s. 710.111. Notwithstanding s. 710.106, a transfer by irrevocable gift from a trust over which […]
710.106 – Transfer Authorized by Will or Trust.
710.106 Transfer authorized by will or trust.— (1) A personal representative or trustee may make an irrevocable transfer pursuant to s. 710.111 to a custodian for the benefit of a minor as authorized in the governing will or trust. (2) If the testator or settlor has nominated a custodian under s. 710.104 to receive the custodial property, the […]
710.107 – Other Transfer by Fiduciary.
710.107 Other transfer by fiduciary.— (1) Subject to subsection (3), 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 s. 710.111, in the absence of a will or under a will or trust that does not contain an authorization to […]
710.108 – Transfer by Obligor.
710.108 Transfer by obligor.— (1) Subject to subsections (2) and (3), a person not subject to s. 710.106 or s. 710.107 who holds property, including, but not limited to, a benefit plan, of a minor not having a conservator, or who owes a liquidated debt to a minor not having a conservator, may make an irrevocable transfer […]
710.109 – Receipt for Custodial Property.
710.109 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.—s. 1, ch. 85-95.
710.111 – Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control.
710.111 Manner of creating custodial property and effecting transfer; designation of initial custodian; control.— (1) Custodial property is created and a transfer is made whenever: (a) An uncertificated security or a certificated security in registered form is either: 1. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance […]
710.112 – Single Custodianship.
710.112 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.—s. 1, ch. 85-95.
710.113 – Validity and Effect of Transfer.
710.113 Validity and effect of transfer.— (1) The validity of a transfer made in a manner prescribed in this act is not affected by: (a) Failure of the transferor to comply with s. 710.111(3) concerning possession and control; (b) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is […]
710.114 – Care of Custodial Property.
710.114 Care of custodial property.— (1) A custodian shall: (a) Take control of custodial property; (b) Register or record title to custodial property if appropriate; and (c) Collect, hold, manage, invest, and reinvest custodial property. (2) 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 […]
710.115 – Powers of Custodian.
710.115 Powers of custodian.— (1) 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. (2) This section does not relieve a custodian from liability for breach of […]
710.116 – Use of Custodial Property.
710.116 Use of custodial property.— (1) 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 the duty or ability of the custodian personally or of […]
710.117 – Custodian’s Expenses, Compensation, and Bond.
710.117 Custodian’s expenses, compensation, and bond.— (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (2) Except for one who is a transferor under s. 710.105, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. […]
710.118 – Exemption of Third Person From Liability.
710.118 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: (1) The validity […]
710.119 – Liability to Third Persons.
710.119 Liability to third persons.— (1) 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 […]
710.121 – Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian.
710.121 Renunciation, resignation, death, or removal of custodian; designation of successor custodian.— (1) A person nominated under s. 710.104 or designated under s. 710.111 as custodian may decline to serve by delivering a valid disclaimer under chapter 739 to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event […]
710.122 – Accounting by and Determination of Liability of Custodian.
710.122 Accounting by and determination of liability of custodian.— (1) 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 for an accounting by the custodian or the custodian’s legal […]