Section 529.12 — Declination, Resignation, Incapacity, Death, Or Removal Of Custodial Trustee; Designation Of Successor Custodial Trustee.
529.12 DECLINATION, RESIGNATION, INCAPACITY, DEATH, OR REMOVAL OF CUSTODIAL TRUSTEE; DESIGNATION OF SUCCESSOR CUSTODIAL TRUSTEE. (a) 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 transfer […]
Section 529.13 — Expenses, Compensation, And Bond Of Custodial Trustee.
529.13 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 529.14 — Reporting And Accounting By Custodial Trustee; Determination Of Liability Of Custodial Trustee.
529.14 REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE; DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE. (a) 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) upon […]
Section 529.15 — Limitations Of Action Against Custodial Trustee.
529.15 LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE. (a) Except as provided in subsection (c), 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 paid or delivered, […]
Section 529.16 — Distribution On Termination.
529.16 DISTRIBUTION ON TERMINATION. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) to the beneficiary, if not incapacitated or deceased; (2) to the holder of the beneficiary’s power of attorney; (3) to the conservator or other recipient designated by the court for an incapacitated beneficiary; […]
Section 529.17 — Methods And Forms For Creating Custodial Trusts.
529.17 METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS. (a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 529.02 are satisfied by: (1) the execution and either delivery to the custodial trustee or recording of an instrument in substantially the following […]
Section 529.18 — Applicable Law.
529.18 APPLICABLE LAW. (a) Sections 529.01 to 529.19 apply to a transfer or declaration creating a custodial trust that refers to sections 529.01 to 529.19 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 […]
Section 529.19 — Short Title.
529.19 SHORT TITLE. Sections 529.01 to 529.19 may be cited as the “Minnesota Uniform Custodial Trust Act.” History: 1990 c 476 s 19
Section 529.09 — Determination Of Incapacity; Effect.
529.09 DETERMINATION OF INCAPACITY; EFFECT. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the transferor has so directed in the instrument creating the custodial trust, or (ii) the custodial trustee has determined that the beneficiary is incapacitated. (b) A custodial trustee may determine that the beneficiary is […]
Section 529.10 — Exemption Of Third Person From Liability.
529.10 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 […]