Title 35 — Title 35
0 chapters · 835 sections in this title.
Ala. Code § 35-5A-1 Short Title
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This chapter may be cited as the “Alabama Uniform Transfers to Minors Act.” History: (Acts 1986, No. 86-453, p. 819, §24.)
Ala. Code § 35-5A-10 Manner of Creating Custodial Property and Effecting Transfer; Form of
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Transfer; Control of Custodial Property. (a) Custodial property is created and a transfer is made whenever: (1) An uncertificated security or a certificated security in registered form is either: a. Registered in the name of the transferor, an adult other than the transferor, or …
Ala. Code § 35-5A-11 Transfer to Be for One Minor; Only One Custodian; Single
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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. History: (Acts 1986, No. 86-453, p. 819, …
Ala. Code § 35-5A-12 Validity of Transfer; Interest Conveyed; Rights of Custodian and Minor
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as to Property Transferred; Provisions of Chapter Incorporated in Transfer; Transfer Does Not Authorize Settlement or Release of Claims. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) Failure of the transferor to comply with sec…
Ala. Code § 35-5A-13 Powers and Duties of Custodian as to Custodial Property Generally
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(a) A custodian shall: (1) Take control of custodial property; (2) Register or record title to custodial property if appropriate; and (3) Collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe the standard…
Ala. Code § 35-5A-14 Custodian Has Rights and Powers That Unmarried Adult Would Have
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as to Property. (a) 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. (b)…
Ala. Code § 35-5A-15 Delivery, Payment, or Expenditure of Custodial Property for Benefit of
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Minor. (a) 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 (1) the duty or ability of the custodian…
Ala. Code § 35-5A-16 Custodian’s Expenses, Compensation, and Bond
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(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (b) Except for one who is a transferor under Section 35-5A-5, a custodian has a noncumulative election during each calendar year to …
Ala. Code § 35-5A-17 Exemption of Third Person from Liability for Good Faith Dealings with
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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:…
Ala. Code § 35-5A-18 Claims Against Custodial Property; Personal Liability of Custodian and
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Minor. (a) A claim based on (1) a contract entered into by a custodian acting in a custodial capacity, (2) an obligation arising from the ownership or control of custodial property, or (3) a tort committed during the custodianship, may be asserted against the custodial property b…
Ala. Code § 35-5A-19 Renunciation, Resignation, Death or Removal of Custodian;
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Designation of Successor Custodian. (a) A person nominated under section 35-5A-4 or designated under section 35-5A- 10 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 represent…
Ala. Code § 35-5A-2 Definitions
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As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ADULT. An individual who has attained the age of 21 years. (2) BENEFIT PLAN. An employer’s plan for the benefit of an employee or part…
Ala. Code § 35-5A-20 Accounting by and Determining of Liability of Custodian
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(a) A minor who has attained the age of 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 (1) for an accounting by the custodian or the custodian…
Ala. Code § 35-5A-21 Termination of Custodianship Upon Minor’s Reaching Age 21 or Age of
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Majority or Upon Minor’s Death. 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 attainment of 21 years of age with respect to custodial property transferred under section 35-5A…
Ala. Code § 35-5A-22 Applicability of Chapter
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This chapter applies to a transfer within the scope of section 35-5A-3 made after October 1, 1986, if: (1) The transfer purports to have been made under the Alabama Uniform Gifts to Minors Act; or (2) The instrument by which the transfer purports to have been made uses in substan…
Ala. Code § 35-5A-23 Transfers Made Before and Custodianships Existing on October 1,
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1986; Property Held in Custodianship Which Terminated Between July 22, 1975, and October 1, 1986, When Minor Attained Age 19. (a) Any transfer of custodial property as now defined in this chapter made before October 1, 1986, is validated notwithstanding that there was no specific…
Ala. Code § 35-5A-24 Uniformity of Application and Construction
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This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. History: (Acts 1986, No. 86-453, p. 819, §23.)
Ala. Code § 35-5A-3 Transfers and Custodians to Which Chapter Applicable; Personal
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Jurisdiction Over Custodian; Transfers Made Under Law of Another State. (a) This chapter applies to a transfer that refers to this chapter in the designation under section 35-5A-10(a) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the …
Ala. Code § 35-5A-4 Nomination of Custodian
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(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 substanc…
Ala. Code § 35-5A-5 Transfer by Gift or Exercise of Power of Appointment
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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 35-5A-10. History: (Acts 1986, No. 86-453, p. 819, §4.)
Ala. Code § 35-5A-6 Transfer by Will or Trust
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(a) A personal representative or trustee may make an irrevocable transfer pursuant to Section 35-5A-10 to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under Section 35-5A-4 to receive…
Ala. Code § 35-5A-7 Other Transfer by Fiduciary
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(a) Subject to subsection (c), 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 35-5A-10, in the absence of a will or under a will or trust that does not contain an …
Ala. Code § 35-5A-8 Transfer by Obligor
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(a) Subject to subsections (b) and (c), a person not subject to Section 35-5A-6 or 35-5A-7 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 35-5A-10…
Ala. Code § 35-5A-9 Receipt and Discharge for Transfer of Custodial Property
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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. An acknowledgment of delivery by a custodian, who believes in good faith that the transfer does not exc…