Section 18-7-1. – Short title.
§ 18-7-1. Short title. This chapter may be cited as the “Rhode Island Uniform Transfers to Minors Act”. History of Section.P.L. 1985, ch. 389, § 2.
Section 18-7-10. – Manner of creating custodial property and effecting transfer — Designation of initial custodian — Control.
§ 18-7-10. 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 a certificated security in registered form is either: (i) Registered in the name of the transferor, an adult other than the transferor, […]
Section 18-7-11. – Single custodianship.
§ 18-7-11. 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 chapter by the same custodian for the benefit of the same minor constitutes a single custodianship. History of Section.P.L. 1985, ch. 389, § 2.
Section 18-7-12. – Validity and effect of transfer.
§ 18-7-12. Validity and effect of transfer. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) Failure of the transferor to comply with § 18-7-10(c) concerning possession and control; (2) Designation of an ineligible custodian, except designation of the transferor in the case of property […]
Section 18-7-13. – Care of custodial property.
§ 18-7-13. 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 […]
Section 18-7-14. – Powers of custodian.
§ 18-7-14. 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 […]
Section 18-7-15. – Use of custodial property.
§ 18-7-15. Use of custodial property. (a) A custodian may deliver or pay to the minor or expend for the minor’s benefit as 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 […]
Section 18-7-16. – Custodian’s expenses, compensation, and bond.
§ 18-7-16. 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 § 18-7-5, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services […]
Section 18-7-17. – Exemption of third person from liability.
§ 18-7-17. 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 […]
Section 18-7-18. – Liability to third person.
§ 18-7-18. Liability to third person. (a) A claim based on: (1) a contract entered into by a custodian acting in a custodial capacity, (2) an obligation arising from the ownership or control of custodial property, or (3) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the […]
Section 18-7-19. – Renunciation, resignation, death, or removal of custodian — Designation of successor custodian.
§ 18-7-19. Renunciation, resignation, death, or removal of custodian — Designation of successor custodian. (a) A person nominated under § 18-7-4 or designated under § 18-7-10 as custodian may decline to serve by delivering a disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event […]
Section 18-7-2. – Definitions.
§ 18-7-2. Definitions. In this chapter, unless the context otherwise requires: (1) “Adult” means an individual who has attained the age of twenty-one (21) years. (2) “Benefit plan” means an employer’s plan for the benefit of an employee or partner. (3) “Broker” means a person lawfully engaged in the business of effecting transactions in securities […]
Section 18-7-20. – Accounting by and determination of liability of custodian.
§ 18-7-20. Accounting by and determination of liability of custodian. (a) A minor who has attained the age of fourteen (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: (1) For an accounting by the custodian or the […]
Section 18-7-21. – Termination of custodianship.
§ 18-7-21. 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: (1) The minor’s attainment of twenty-one (21) years of age with respect to custodial property transferred under § 18-7-5 or 18-7-6; (2) The minor’s attainment of eighteen […]
Section 18-7-22. – Applicability.
§ 18-7-22. Applicability. This chapter applies to a transfer within the scope of § 18-7-3 made after June 28, 1985, if the instrument by which the transfer purports to have been made uses in substance the designation “as custodian under the Uniform Gifts to Minors Act” or “as custodian under the Uniform Transfers to Minors […]
Section 18-7-23. – Effect on existing custodianships.
§ 18-7-23. Effect on existing custodianships. (a) Any transfer of “custodial property” as now defined in this chapter made before June 28, 1985, is validated, notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of Rhode Island for the coverage of custodial property of that kind or for a transfer […]
Section 18-7-24. – Uniformity of application and construction.
§ 18-7-24. Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. History of Section.P.L. 1985, ch. 389, § 2.
Section 18-7-25. – Severability.
§ 18-7-25. Severability. If any provisions of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable. History […]
Section 18-7-26. – Repeals.
§ 18-7-26. Repeals. To the extent that this chapter, by virtue of § 18-7-23(b), does not apply to transfers made in a manner prescribed in the Uniform Gifts to Minors Act of Rhode Island or to the powers, duties, and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the […]
Section 18-7-3. – Scope and jurisdiction.
§ 18-7-3. Scope and jurisdiction. (a) This chapter applies to a transfer that refers to this chapter in the designation under § 18-7-10(a) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located […]