§ 3223. Powers of custodian
§ 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
§ 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
§ 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
§ 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
§ 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
§ 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 […]
§ 3216. Other transfer by fiduciary
§ 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
§ 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
§ 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.)
§ 3211. Definitions
§ 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 […]