7-6.20 – Termination of Custodianship
§ 7-6.20 Termination of custodianship The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (a) the minor’s attainment of twenty-one years of age with respect to custodial property transferred under 7-6.4 or 7-6.5; (b) the minor’s attainment of age eighteen or […]
7-6.8 – Receipt for Custodial Property
§ 7-6.8 Receipt for custodial property A written acknowledgement of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to a custodian pursuant to this part.
7-6.9 – Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control
§ 7-6.9 Manner of creating custodial property and effecting transfer; designation of initial custodian; control (a) Custodial property is created and a transfer is made whenever: (1) an uncertificated security or certificated security in registered form is either: (i) registered in the name of the transferor, an adult other than the transferor, or a trust […]
7-6.10 – Single Custodianship
§ 7-6.10 Single custodianship A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this part by the same custodian for the benefit of the same minor constitutes a single custodianship.
7-6.11 – Validity and Effect of Transfer
§ 7-6.11 Validity and effect of transfer (a) The validity of a transfer made in a manner prescribed in this part is not affected by: (1) The failure of the transferor to comply with paragraph (c) of 7-6.9 concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the […]
7-6.12 – Care of Custodial Property
§ 7-6.12 Care of custodial property (a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by […]
7-6.13 – Powers of Custodian
§ 7-6.13 Powers of custodian (a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section does not relieve a custodian from […]
7-6.14 – Use of Custodial Property
§ 7-6.14 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 (1) the duty or ability of the […]
7-6.15 – Custodian’s Expenses, Compensation, and Bond
§ 7-6.15 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 7-6.4, a custodian has an election during each calendar year to charge reasonable compensation for services performed during […]
7-6.16 – Exemption of Third Person From Liability
§ 7-6.16 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 […]