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 529.04 — 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 […]
Section 527.36 — Exemption Of Third Person From Liability.
527.36 EXEMPTION OF THIRD PERSON FROM LIABILITY. 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: […]
Section 529.07 — General Powers Of Custodial Trustee.
529.07 GENERAL POWERS OF CUSTODIAL TRUSTEE. (a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. (b) This section does not […]
Section 527.37 — Liability To Third Persons.
527.37 LIABILITY TO THIRD PERSONS. (a) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian […]
Section 529.08 — Use Of Custodial Trust Property.
529.08 USE OF CUSTODIAL TRUST PROPERTY. (a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (b) If the beneficiary is incapacitated, the custodial trustee shall expend […]