54.988 – Uniformity of application and construction.
54.988 Uniformity of application and construction. Sections 54.950 to 54.988 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it. History: 1991 a. 246; 2005 a. 387 s. 573; Stats. 2005 s. 54.988.
54.978 – Reporting and accounting by custodial trustee; determination of liability of custodial trustee.
54.978 Reporting and accounting by custodial trustee; determination of liability of custodial trustee. (1) (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 at all of the following […]
54.980 – Limitations of action against custodial trustee.
54.980 Limitations of action against custodial trustee. (1) Except as provided in sub. (3), 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 be paid or delivered […]
54.982 – Distribution on termination.
54.982 Distribution on termination. (1) Upon termination of a custodial trust by the beneficiary or the beneficiary’s conservator or guardian of the estate, the custodial trustee shall transfer the unexpended custodial trust property as follows: (a) To the beneficiary, if not incapacitated or deceased. (b) To the conservator, guardian of the estate or other recipient […]
54.984 – Methods and forms for creating custodial trusts.
54.984 Methods and forms for creating custodial trusts. (1) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of s. 54.952 are satisfied by any of the following: (a) The execution and either delivery to the custodial trustee or recording of an instrument […]
54.986 – Applicable law.
54.986 Applicable law. (1) Sections 54.950 to 54.988 apply to a transfer or declaration creating a custodial trust that refers to this subchapter 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 […]
54.970 – Exemption of 3rd person from liability.
54.970 Exemption of 3rd person from liability. A 3rd person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the […]
54.972 – Liability to 3rd person.
54.972 Liability to 3rd person. (1) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property or a tort committed in the course of administering the custodial trust may be asserted by a 3rd person against […]
54.974 – Declination, resignation, incapacity, death or removal of custodial trustee, designation of successor custodial trustee.
54.974 Declination, resignation, incapacity, death or removal of custodial trustee, designation of successor custodial trustee. (1) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor or the transferor’s legal representative. If an event giving rise to a transfer […]
54.976 – Expenses, compensation and bond of custodial trustee.
54.976 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, all of the following apply to a custodial trustee: (1) A custodial trustee is entitled to reimbursement from custodial trust property for reasonable expenses incurred in […]