§ 3211. Definitions As used in this chapter: (1) “Adult” means an individual who has attained 21 years of age. (2) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person’s own account or for the account of others. (3) “Court” means the Probate Division of […]
§ 3212. Scope and jurisdiction (a) This chapter applies to a transfer that refers to this chapter in the designation under subsection 3219(a) of this title 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 […]
§ 3213. Nomination of custodian (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian, followed in substance by the words: “as […]
§ 3214. Transfer by gift or exercise of power of appointment A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor, pursuant to section 3219 of this title. (Added 2015, No. 7, § 1.)
§ 3215. Transfer authorized by will or trust (a) A personal representative or trustee may make an irrevocable transfer pursuant to section 3219 of this title to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under section […]
§ 3216. Other transfer by fiduciary (a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor, pursuant to section 3219 of this title, in the absence of a will or under a will […]
§ 3217. Transfer by obligor (a) Subject to subsections (b) and (c) of this section, a person not subject to section 3215 or 3216 of this title who holds property of or owes a liquidated debt to a minor not having a financial guardian may make an irrevocable transfer to a custodian for the benefit […]
§ 3218. Receipt for custodial property A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian, pursuant to this chapter. (Added 2015, No. 7, § 1.)
§ 3219. 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: (A) registered in the name of the transferor, an adult other than the transferor, or a […]
§ 3220. 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. (Added 2015, No. 7, § 1.)
§ 3221. 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 subsection 3219(c) of this title concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the […]
§ 3222. 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 […]
§ 3223. 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 […]
§ 3224. 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 […]
§ 3225. 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 section 3214 of this title, a custodian has a noncumulative election during each calendar year to charge reasonable […]
§ 3226. 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 […]
§ 3227. Liability to third persons (a) A claim based on any of the following may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor: (1) a contract entered into by a custodian acting in a custodial […]
§ 3228. Renunciation, resignation, death, or removal of custodian; designation of successor custodian (a) A person nominated under section 3213 of this title or designated under section 3219 of this title as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the […]
§ 3229. Accounting by and determination of liability of custodian (a) A minor who has attained 14 years of age, the minor’s financial guardian or legal representative, a guardian of the minor appointed pursuant to section 2628 or 2664 of this title, an adult member of the minor’s family, a transferor, or a transferor’s legal […]
§ 3230. 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 earliest of: (1) the minor’s attainment of 21 years of age with respect to custodial property transferred under section 3214 or 3215 of this title; (2) the minor’s attainment […]
