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 […]
Section 18-13-4. – Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.
§ 18-13-4. 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 this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. (b) The custodial trustee’s acceptance may be evidenced by […]
Section 18-13-5. – Transfer to custodial trustee by fiduciary or obligor — Facility of payment.
§ 18-13-5. Transfer to custodial trustee by fiduciary or obligor — Facility of payment. (a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 18-13-3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator, […]
Section 18-13-6. – Multiple beneficiaries — Separate custodial trusts — Survivorship.
§ 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a […]
Section 18-12.1-1. – Short title.
§ 18-12.1-1. Short title. This chapter shall be known and may be cited as the “Uniform Prudent Management of Institutional Funds Act.” History of Section.P.L. 2009, ch. 61, § 2; P.L. 2009, ch. 63, § 2.
Section 18-12.1-2. – Definitions.
§ 18-12.1-2. Definitions. As used in this chapter: (1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community. (2) “Endowment fund” means an institutional fund or part thereof […]
Section 18-12.1-3. – Standard of conduct in managing and investing institutional fund.
§ 18-12.1-3. Standard of conduct in managing and investing institutional fund. (a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (b) In addition to complying with the […]
Section 18-12.1-4. – Appropriation for expenditure or accumulation of endowment fund; rules of construction.
§ 18-12.1-4. Appropriation for expenditure or accumulation of endowment fund; rules of construction. (a) Subject to the intent of a donor expressed in the gift instrument [and to subsection (d)], an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, […]
Section 18-12.1-5. – Delegation of management and investment functions.
§ 18-12.1-5. Delegation of management and investment functions. (a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. […]
Section 18-11-10. – Tax obligations.
§ 18-11-10. Tax obligations. This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state. History of Section.P.L. 1959, ch. 85, § 10.