Section 529.11 — Liability To Third Person.
529.11 LIABILITY TO THIRD PERSON. (a) 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 527.405 — Conveyance By Custodian.
527.405 CONVEYANCE BY CUSTODIAN. Subdivision 1. Affidavit of custodian. In support of a real property transaction where an interest in real property is held in a custodianship, a custodian shall furnish to the grantee or other party to the transaction an affidavit attesting that: (1) the custodian has not resigned or been removed prior to […]
Section 527.41 — Applicability.
527.41 APPLICABILITY. Sections 527.21 to 527.40 apply to a transfer within the scope of section 527.22 made after January 1, 1986, if: (1) the transfer purports to have been made under Minnesota Statutes 1984, sections 527.01 to 527.11; or (2) the instrument by which the transfer purports to have been made uses in substance the […]
Section 527.42 — Effect On Existing Custodianships.
527.42 EFFECT ON EXISTING CUSTODIANSHIPS. Section 527.40, subdivision 1, does not apply to custodial property transferred under section 527.26 or 527.27 before May 17, 2020. For custodial property transferred under section 527.26 or 527.27 before May 17, 2020, the custodian shall transfer in an appropriate manner the custodial property to the minor or to the […]
Section 527.43 — Savings Provision.
527.43 SAVINGS PROVISION. To the extent that sections 527.21 to 527.40, by virtue of section 527.42, paragraph (b), do not apply to transfers made in a manner prescribed in Minnesota Statutes 1984, sections 527.01 to 527.11 or to the powers, duties, and immunities conferred by transfers in that manner upon custodians and persons dealing with […]
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 […]