Section 68-1316 – LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE.
68-1316. LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE. (1) Except as provided in subsection (3) of this section, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be […]
Section 68-1317 – DISTRIBUTION ON TERMINATION.
68-1317. DISTRIBUTION ON TERMINATION. (1) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (a) To the beneficiary, if not incapacitated or deceased; (b) To the conservator or other recipient designated by the court for an incapacitated beneficiary; or (c) Upon the beneficiary’s death, in the following order: […]
Section 68-1318 – METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS.
68-1318. METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS. (1) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 68-1302, Idaho Code, are satisfied by: (a) The execution and either delivery to the custodial trustee or recording of an instrument in substantially […]
Section 68-1319 – APPLICABLE LAW.
68-1319. APPLICABLE LAW. (1) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is […]
Section 68-1320 – UNIFORMITY OF APPLICATION AND CONSTRUCTION.
68-1320. 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. History: [68-1320, added 1989, ch. 230, sec. 1, p. 559.]
Section 68-1321 – SHORT TITLE.
68-1321. SHORT TITLE. This chapter may be cited as the "Idaho Uniform Custodial Trust Act." History: [68-1321, added 1989, ch. 230, sec. 1, p. 559.]
Section 68-1322 – SEVERABILITY.
68-1322. SEVERABILITY. If any provision 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 the provisions of this chapter are severable. History: [68-1322, […]
Section 68-1310 – DETERMINATION OF INCAPACITY — EFFECT.
68-1310. DETERMINATION OF INCAPACITY — EFFECT. (1) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under section 68-1305, Idaho Code, (ii) the transferor has so directed in the instrument creating the custodial trust, or (iii) the custodial trustee has determined that the beneficiary […]
Section 68-1311 – EXEMPTION OF THIRD PERSON FROM LIABILITY.
68-1311. EXEMPTION OF THIRD PERSON FROM LIABILITY. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the […]
Section 68-1312 – LIABILITY TO THIRD PERSON.
68-1312. LIABILITY TO THIRD PERSON. (1) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against […]