33 §1651. Short title

§1651. Short title This chapter shall be known and may be cited as the “Maine Uniform Transfers to Minors Act.”   [PL 1987, c. 734, §2 (NEW).] SECTION HISTORY PL 1987, c. 734, §2 (NEW).

33 §1652. Definitions

§1652. Definitions As used in this Act, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1987, c. 734, §2 (NEW).] 1.  Adult.  “Adult” means an individual who has attained 18 years of age.   [PL 1989, c. 502, Pt. A, §117 (AMD).] 2.  Benefit plan.  “Benefit plan” means an […]

33 §1653. Scope and jurisdiction

§1653. Scope and jurisdiction 1.  Residence; location of property.  This Act applies to a transfer that refers to this Act in the designation under section 1660, subsection 1, 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 […]

33 §1654. Nomination of custodian

§1654. Nomination of custodian 1.  Revocable nomination.  A person having the right to designate the recipient of property transferrable 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 […]

33 §1655. Transfer by gift or exercise of power of appointment

§1655. 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 1660.   [PL 1987, c. 734, §2 (NEW).] SECTION HISTORY PL 1987, […]

33 §1656. Transfer authorized by will or trust

§1656. Transfer authorized by will or trust 1.  Authorized transfer.  A personal representative or trustee may make an irrevocable transfer pursuant to section 1660 to a custodian for the benefit of a minor as authorized in the governing will or trust.   [PL 1987, c. 734, §2 (NEW).] 2.  Authorized custodian.  If the testator or […]

33 §1657. Other transfer by fiduciary

§1657. Other transfer by fiduciary 1.  Transfer by personal representative or trustee.  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 1660, in the absence of a will or under a will or […]

33 §1658. Transfer by obligor

§1658. Transfer by obligor 1.  Irrevocable transfer.  Subject to subsections 2 and 3, a person not subject to section 1656 or 1657 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 […]

33 §1659. Receipt for custodial property

§1659. Receipt for custodial property A written acknowledgement of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this Act.   [PL 1987, c. 734, §2 (NEW).] SECTION HISTORY PL 1987, c. 734, §2 (NEW).

33 §1660. Manner of creating custodial property and effecting transfer; designation of initial custodian; control

§1660. Manner of creating custodial property and effecting transfer; designation of initial custodian; control 1.  Creation and transfer.  Custodial property is created and a transfer is made whenever:   A. An uncertificated security or a certificated security in registered form is either:   (1) Registered in the name of the transferor, an adult other than […]

33 §1661. Single custodianship

§1661. 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 Act by the same custodian for the benefit of the same minor constitutes a single custodianship.   [PL 1987, c. 734, §2 (NEW).] SECTION HISTORY PL 1987, c. 734, […]

33 §1662. Validity and effect of transfer

§1662. Validity and effect of transfer 1.  Validity not affected.  The validity of a transfer made in a manner prescribed in this Act is not affected by:   A. Failure of the transferor to comply with section 1660, subsection 3, concerning possession and control;   [PL 1987, c. 734, §2 (NEW).] B. Designation of an […]

33 §1663. Care of custodial property

§1663. Care of custodial property 1.  Duties.  A custodian shall:   A. Take control of custodial property;   [PL 1987, c. 734, §2 (NEW).] B. Register or record title to custodial property if appropriate; and   [PL 1987, c. 734, §2 (NEW).] C. Collect, hold, manage, invest and reinvest custodial property.   [PL 1987, c. […]

33 §1664. Powers of custodian

§1664. Powers of custodian 1.  Custodial capacity.  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.   [PL 1987, c. 734, §2 (NEW).] 2.  […]

33 §1665. Use of custodial property

§1665. Use of custodial property 1.  Standard for expenditure of property.  A custodian may deliver or pay to the minor or expend for the minor’s benefit as 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 the duty or […]

33 §1666. Custodian’s expenses, compensation and bond

§1666. Custodian’s expenses, compensation and bond 1.  Reimbursement.  A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties.   [PL 1987, c. 734, §2 (NEW).] 2.  Compensation.  Except for one who is a transferor under section 1655, a custodian has a noncumulative election during each […]

33 §1667. Exemption of 3rd person from liability

§1667. Exemption of 3rd person from liability A 3rd 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: […]

33 §1668. Liability to 3rd person

§1668. Liability to 3rd person 1.  Claim against property.  A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian […]

33 §1669. Renunciation, resignation, death or removal of custodian; designation of successor custodian

§1669. Renunciation, resignation, death or removal of custodian; designation of successor custodian 1.  Disclaimer; nomination of substitute custodian.  A person nominated under section 1654 or designated under section 1660 as custodian may decline to serve by delivering a valid disclaimer, under Title 18‑C, Article 2, Part 9, to the person who made the nomination to […]

33 §1670. Accounting by and determination of liability of custodian

§1670. Accounting by and determination of liability of custodian 1.  Petition for accounting.  A minor who has attained 14 years of age, 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 for an accounting by the custodian […]