75-5a-103. Scope and jurisdiction. (1) (a) This part applies to a transfer that refers to this part in the designation under Subsection 75-5a-110(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 […]
75-5a-104. Nomination of custodian. (1) (a) 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 followed in substance by the words: “as […]
75-5a-105. 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 under Section 75-5a-110. Enacted by Chapter 272, 1990 General Session
75-5a-106. Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer under Section 75-5a-110 to a custodian for the benefit of a minor as authorized in the governing will or trust. (2) If the testator or settlor has nominated a custodian under Section 75-5a-104 to receive the custodial […]
75-5a-107. Other transfer by fiduciary. (1) 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 under Section 75-5a-110, in the absence of a will or under a will or trust that does not contain an authorization […]
75-5a-108. Transfer by obligor. (1) Subject to Subsections (2) and (3), a person not subject to Section 75-5a-106 or 75-5a-107 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 under Section 75-5a-110. (2) If […]
75-5a-109. Receipt for custodial property. A written acknowledgment of delivery by a custodian is sufficient receipt and discharge for custodial property transferred to the custodian under this part. Enacted by Chapter 272, 1990 General Session
Effective 3/14/2016 75-5a-110. Manner of creating custodial property and effecting transfer — Designation of initial custodian — Control. (1) Custodial property is created and a transfer is made when: (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 […]
75-5a-111. 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 part by the same custodian for the benefit of the same minor constitutes a single custodianship. Enacted by Chapter 272, 1990 General Session
75-5a-112. Validity and effect of transfer. (1) The validity of a transfer made in a manner prescribed in this part is not affected by: (a) failure of the transferor to comply with Subsection 75-5a-110(3) concerning possession and control; (b) designation of an ineligible custodian, except designation of the transferor in the case of property for […]
75-5a-113. Care of custodial property. (1) A custodian shall: (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 shall observe the standard of care that would be observed by a […]
75-5a-114. 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, but a custodian may exercise those rights, powers, and authority in that capacity only. (2) This section does not relieve a custodian from liability […]
75-5a-115. 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 custodian […]
75-5a-116. 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 Section 75-5a-105, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed […]
75-5a-117. 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 determining: […]
75-5a-118. Liability to third persons. (1) A claim 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, if the claim is based on: (a) a contract entered into by a custodian acting in a custodial capacity; (b) […]
75-5a-119. Renunciation, resignation, death, or removal of custodian — Designation of successor custodian. (1) A person nominated under Section 75-5a-104 or designated under Section 75-5a-110 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 […]
75-5a-120. Accounting by and determination of liability of custodian. (1) A minor who is 14 years of age or older, 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 […]
75-5a-121. Termination of custodianship. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (1) the minor’s becoming 21 years of age with respect to custodial property transferred under Section 75-5a-105 or 75-5a-106; (2) the minor’s attainment of majority under the laws […]
75-5a-122. Applicability. This part applies to a transfer within the scope of Section 75-5a-103 made after its effective date if: (1) the transfer purports to have been made under the Uniform Gifts to Minors Act; or (2) the instrument by which the transfer purports to have been made uses in substance the designation “as custodian […]
