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 […]
Section 68-1313 – DECLINATION, RESIGNATION, INCAPACITY, DEATH, OR REMOVAL OF CUSTODIAL TRUSTEE — DESIGNATION OF SUCCESSOR CUSTODIAL TRUSTEE.
68-1313. DECLINATION, RESIGNATION, INCAPACITY, DEATH, OR REMOVAL OF CUSTODIAL TRUSTEE — DESIGNATION OF SUCCESSOR CUSTODIAL TRUSTEE. (1) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor’s legal representative. If an event giving rise to a […]
Section 68-1314 – EXPENSES, COMPENSATION AND BOND OF CUSTODIAL TRUSTEE.
68-1314. EXPENSES, COMPENSATION AND BOND OF CUSTODIAL TRUSTEE. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee: (1) Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; (2) Has a noncumulative […]
Section 68-1315 – REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE — DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE.
68-1315. REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE — DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE. (1) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) […]
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.]