§ 91-20-1. Short title
This chapter may be cited as the “Mississippi Uniform Transfers to Minors Act.”
§ 91-20-11. Transfer to custodian by personal representative or trustee as authorized by will or trust; designation of custodian by personal representative or trustee
A personal representative or trustee may make an irrevocable transfer pursuant to Section 91-20-19 to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under Section 91-20-7 to receive the custodial property, the transfer must be made to that […]
§ 91-20-13. Transfer by personal representative, trustee, or conservator to another adult or trust company as custodian without authorization by will or trust; prerequisites
Subject to subsection (3), 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 91-20-19, in the absence of a will or under a will or trust that does not contain an authorization to do so. Subject to […]
§ 91-20-15. Transfer to custodian by one holding property of or owing debt to minor; designation of custodian
Subject to subsections (2) and (3), a person not subject to Section 91-20-11 or 91-20-13 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to Section 91-20-19. If a person having the right […]
§ 91-20-17. Written receipt from custodian; effect
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.
§ 91-20-19. Creation and transfer of custodial property
Custodial property is created and a transfer is made whenever: An uncertificated security or a certificated security in registered form is either: Registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for_______________(name of minor) under the Mississippi Uniform Transfers […]
§ 91-20-21. One custodian for one minor
A transfer may be made only for one (1) minor, and only one (1) 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.
§ 91-20-23. Factors not affecting validity of transfer; powers and duties of custodian unalterable
The validity of a transfer made in a manner prescribed in this chapter is not affected by: Failure of the transferor to comply with Section 91-20-19(3) concerning possession and control; Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian […]
§ 91-20-25. Powers and duties of custodian; standard of care; records
A custodian shall: Take control of custodial property; Register or record title to custodial property if appropriate; and Collect, hold, manage, invest and reinvest custodial property. In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not […]
§ 91-20-27. Custodian’s exercise of powers and authority over custodial property
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. This section does not relieve a custodian from liability for breach of Section 91-20-25.
§ 91-20-29. Delivery of property or money to minor; expenditure for benefit of minor; conditions; court order
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 (a) the duty or ability of the custodian personally or of any other person […]
§ 91-20-3. Definitions
In this chapter: “Adult” means an individual who has attained the age of twenty-one (21) years. “Benefit plan” means an employer’s plan for the benefit of an employee or partner. “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 […]
§ 91-20-31. Reimbursement of custodian for expenses; compensation of custodian; bond unnecessary
A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. Except for one who is a transferor under Section 91-20-9, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. Except as provided in Section […]
§ 91-20-33. Good faith reliance on capacity of purported custodian
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 determining: The validity of the purported custodian’s designation; […]
§ 91-20-35. Assertion of claim against custodial property; personal liability of custodian or minor
A claim based on (a) a contract entered into by a custodian acting in a custodial capacity, (b) an obligation arising from the ownership or control of custodial property, or (c) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or […]
§ 91-20-37. Declination to serve or resignation as custodian; nomination of substitute custodian; designation of successor custodian; transfer of property
A person nominated under Section 91-20-7 or designated under Section 91-20-19 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing […]
§ 91-20-39. Petition for accounting or determination of responsibility for claims; accounting upon removal of custodian
A minor who has attained the age of fourteen (14) years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor or a transferor’s legal representative may petition the court (a) for an accounting by the custodian or the custodian’s legal representative, or (b) for a determination […]
§ 91-20-41. Time for transfer of custodial property to minor or minor’s estate
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: The minor’s attainment of twenty-one (21) years of age with respect to custodial property transferred under Section 91-20-9 or 91-20-11; The minor’s attainment of eighteen (18) years of age with respect to […]
§ 91-20-43. Applicability of chapter to certain transfers
This chapter applies to a transfer within the scope of Section 91-20-5 made after its effective date if: The transfer purports to have been made under the Mississippi Uniform Gifts to Minors Law, Sections 91-19-1 through 91-19-19; or The instrument by which the transfer purports to have been made uses in substance the designation “as […]
§ 91-20-45. Validation of transfers predating chapter; application of chapter to prior transfers
Any transfer of custodial property as now defined in this chapter made before January 1, 1995, is validated notwithstanding that there was no specific authority in the Mississippi Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was […]