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 527.44 — Short Title.
527.44 SHORT TITLE. This chapter may be cited as the “Minnesota Uniform Transfers to Minors Act.” History: 1985 c 221 s 24
Section 529.01 — Definitions.
529.01 DEFINITIONS. As used in sections 529.01 to 529.19: (1) “Adult” means an individual who is at least 18 years of age. (2) “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under sections 529.01 to […]
Section 529.02 — Custodial Trust; General.
529.02 CUSTODIAL TRUST; GENERAL. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in […]
Section 529.03 — Custodial Trustee For Future Payment Or Transfer.
529.03 CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER. (a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for ……… (name […]
Section 529.04 — Form And Effect Of Receipt And Acceptance By Custodial Trustee, Jurisdiction.
529.04 FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE, JURISDICTION. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under sections 529.01 to 529.19 upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. (b) The custodial trustee’s acceptance may be evidenced by […]
Section 527.34 — Use Of Custodial Property.
527.34 USE OF CUSTODIAL PROPERTY. (a) 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 (i) the duty or ability of the custodian […]
Section 529.05 — Multiple Beneficiaries; Separate Custodial Trusts; Survivorship.
529.05 MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship […]
Section 527.35 — Custodian’s Expenses, Compensation, And Bond.
527.35 CUSTODIAN’S EXPENSES, COMPENSATION, AND BOND. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (b) Except for one who is a transferor under section 527.24, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed […]
Section 529.06 — General Duties Of Custodial Trustee.
529.06 GENERAL DUTIES OF CUSTODIAL TRUSTEE. (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the […]