RCW 11.114.010 Definitions. Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter. (1) “Adult” means an individual other than the minor who has attained the age of twenty-one years and is older than the minor. (2) “Benefit plan” means an employer’s plan for the benefit of an employee or […]
RCW 11.114.020 Scope and jurisdiction. (1) This chapter applies to a transfer that refers to this chapter in the designation under RCW 11.114.090(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 the custodial property is located […]
RCW 11.114.030 Nomination of custodian—Designation of custodian by representative or specified person. (1) 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 […]
RCW 11.114.040 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 RCW 11.114.090. [ 1991 c 193 § 4.]
RCW 11.114.050 Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer pursuant to RCW 11.114.090 to a custodian for the benefit of a minor as authorized in the governing will or trust. The personal representative or trustee may designate himself or herself as custodian provided he or […]
RCW 11.114.060 Other transfer by fiduciary. (1) A personal representative or trustee may make an irrevocable transfer to an adult or trust company for the benefit of a minor pursuant to RCW 11.114.090, in the absence of a will or under a will or trust that does not contain an authorization to do so, but […]
RCW 11.114.070 Transfer by obligor. (1) Subject to subsections (2) and (3) of this section, a person not subject to RCW 11.114.050 or 11.114.060 who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant […]
RCW 11.114.080 Receipt for custodial property. A written confirmation of delivery by a custodian constitutes a sufficient receipt and discharge of the transferor for custodial property transferred to the custodian under this chapter. [ 1991 c 193 § 8.]
RCW 11.114.090 Form and manner of creating custodial property and effecting transfer. (1) Custodial property is created and a transfer is made if: (a) An uncertificated security or a certificated security in registered form is either: (i) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed […]
RCW 11.114.100 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. [ 1991 c 193 § 10.]
RCW 11.114.110 Validity and effect of transfer. (1) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (a) Failure of the transferor to comply with RCW 11.114.090(3) concerning possession and control; (b) Designation of an ineligible custodian, except designation of the transferor in the case of property […]
RCW 11.114.120 Care of custodial property. (1) A custodian shall, as soon as custodial property is made available to the custodian: (a) Take control of custodial property; (b) Register or record title to custodial property if appropriate; and (c) Collect, hold, manage, invest, and reinvest custodial property. (2) In dealing with custodial property, a custodian […]
RCW 11.114.130 Powers of custodian. (1) 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, including without limitation all the powers granted to a trustee under RCW 11.98.070, but a custodian may exercise those rights, powers, and authority […]
RCW 11.114.140 Use of custodial property. (1) 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 […]
RCW 11.114.150 Custodian’s expenses, compensation, and bond. (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (2) Except for one who is a transferor under RCW 11.114.040, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services […]
RCW 11.114.160 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 or successor custodian and, in the absence of knowledge, is […]
RCW 11.114.170 Liability to third persons. (1) 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; (c) A tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian […]
RCW 11.114.180 Renunciation, resignation, death, or removal of custodian—Designation of successor custodian. (1) A person nominated under RCW 11.114.030 or designated under RCW 11.114.090 as custodian may decline to serve. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under RCW […]
RCW 11.114.190 Accounting by and determination of liability of custodian. (1) A minor who has attained the age of eighteen years, the minor’s 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; […]
RCW 11.114.200 Termination of custodianship—Extension. (1) Subject to RCW 11.114.220, the custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (a) The minor’s attainment of twenty-one years of age with respect to custodial property transferred under RCW 11.114.040 or 11.114.050; (b) The […]
