Section 18-13-14. – Expenses, compensation, and bond of custodial trustee.
§ 18-13-14. Expenses, compensation, and bond of custodial trustee. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee: (1) Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; (2) Has a […]
Section 18-13-15. – Reporting and accounting by custodial trustee — Determination of liability of custodial trustee.
§ 18-13-15. Reporting and accounting by custodial trustee — Determination of liability of custodial trustee. (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property: (1) once each year, […]
Section 18-12.1-10. – Uniformity of application and construction.
§ 18-12.1-10. Uniformity of application and construction. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History of Section.P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
Section 18-13-16. – Limitations of action against custodial trustee.
§ 18-13-16. Limitations of action against custodial trustee. (a) Except as provided in subsection (c) of this section, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to […]
Section 18-13-1. – Definitions.
§ 18-13-1. Definitions. As used in this chapter: (1) “Adult” means an individual who is at least eighteen (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 this chapter. (3) […]
Section 18-13-17. – Distribution on termination.
§ 18-13-17. Distribution on termination. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) To the beneficiary, if not incapacitated or deceased; (2) To the conservator or other recipient designated by the court for an incapacitated beneficiary; or (3) Upon the beneficiary’s death, in the following […]
Section 18-13-2. – Custodial trust — General.
§ 18-13-2. 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 […]
Section 18-13-18. – Methods and forms for creating custodial trusts.
§ 18-13-18. Methods and forms for creating custodial trusts. (a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of § 18-13-2 are satisfied by: (1) The execution and either delivery to the custodial trustee or recording of an instrument in substantially the […]
Section 18-13-3. – Custodial trustee for future payment or transfer.
§ 18-13-3. 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 18-13-19. – Applicable law.
§ 18-13-19. Applicable law. (a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property […]