This article shall be known and may be cited as “The Georgia Transfers to Minors Act.” History. Code 1981, § 44-5-110 , enacted by Ga. L. 1990, p. 667, § 1. Law reviews. For annual survey of wills, trusts, and administration of estates, see 42 Mercer L. Rev. 491 (1990).
As used in this article, the term: “Adult” means an individual who has attained the age of 21 years. “Benefit plan” means an employer’s plan for the benefit of an employee or partner or an individual retirement account. “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for […]
This article applies to a transfer that refers to “The Georgia Transfers to Minors Act” in the designation under subsection (a) of Code Section 44-5-119 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 […]
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 recipient 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 by the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to Code Section 44-5-119. History. Code 1981, § 44-5-114 , enacted by Ga. L. 1990, p. 667, § 1.
A personal representative or trustee may make an irrevocable transfer pursuant to Code Section 44-5-119 to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under Code Section 44-5-113 to receive the custodial property, the transfer must be made […]
Subject to subsection (c) of this Code section, a personal representative or trustee may make an irrevocable transfer to an adult or trust company as custodian (which custodian may be the personal representative or the trustee) for the benefit of a minor pursuant to Code Section 44-5-119, in the absence of a will or under […]
Subject to subsections (b) and (c) of this Code section, a person not subject to Code Section 44-5-115 or 44-5-116 who holds property of or owes a liquidated debt to a minor may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to Code Section 44-5-119. If a person having […]
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this article. History. Code 1981, § 44-5-118 , enacted by Ga. L. 1990, p. 667, § 1.
Custodial property is created and a transfer is made whenever: An uncertificated security or a certificated security in registered form is either: 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 ‘The Georgia Transfers […]
A transfer may be made only for one minor, and only one person may be custodian. All custodial property held under the authority of this article by the same custodian for the benefit of the same minor constitutes a single custodianship. History. Code 1981, § 44-5-120 , enacted by Ga. L. 1990, p. 667, § […]
The validity of a transfer made in a manner prescribed in this article is not affected by: Failure of the transferor to comply with subsection (c) of Code Section 44-5-119 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 […]
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 invest and reinvest the custodial property as would prudent men of discretion and intelligence who are seeking a reasonable income and […]
A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This Code section does not relieve a custodian from liability for breach of Code Section 44-5-122. […]
A custodian may deliver or pay to the minor or expend for or apply to the minor’s benefit so much or the whole of the custodial property as the custodian considers advisable for the support, maintenance, education, and general use and benefit of the minor in such manner, at such time or times, and to […]
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 Code Section 44-5-114, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. Except as provided in […]
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; […]
A claim based on: A contract entered into by a custodian acting in a custodial capacity; An obligation arising from the ownership or control of custodial property; or A tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian […]
A person nominated under Code Section 44-5-113 or designated under Code Section 44-5-119 as custodian may decline to serve by delivering a valid disclaimer under Code Section 53-2-115 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 has not occurred […]
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 representative; or For a determination of responsibility, as […]
