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 […]
Section 527.38 — Renunciation, Resignation, Death, Or Removal Of Custodian; Designation Of Successor Custodian.
527.38 RENUNCIATION, RESIGNATION, DEATH, OR REMOVAL OF CUSTODIAN; DESIGNATION OF SUCCESSOR CUSTODIAN. (a) A person nominated under section 527.23 or designated under section 527.29 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving […]
Section 527.39 — Accounting By And Determination Of Liability Of Custodian.
527.39 ACCOUNTING BY AND DETERMINATION OF LIABILITY OF CUSTODIAN. (a) A minor who has attained the age of 14 years, the minor’s guardian or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court (i) for an accounting by the custodian or the custodian’s legal […]
Section 527.40 — Transfer Upon Termination Of Custodianship.
527.40 TRANSFER UPON TERMINATION OF CUSTODIANSHIP. Subdivision 1. Terminating events. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of the following terminating events: (1) the minor’s attainment of 21 years of age with respect to custodial property transferred under section 527.24, […]
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 […]