Title 9, Family Law

(1) As used in this subchapter:(1) “Adult” means an individual who has attained the age of twenty-one (21) years.(2) “Benefit plan” means an employer's plan for the benefit of an employee or partner.(3) “Broker” means a person lawfully engaged in the business of effecting transac…

(a) This subchapter shall apply to a transfer that refers to this subchapter in the designation under § 9-26-209(a) by which the transfer is made if at the time of the transfer, the transferor, minor, or the custodian is a resident of this state or the custodial property is locat…

(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…

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 § 9-26-209.

(a) A personal representative or trustee may make an irrevocable transfer pursuant to § 9-26-209 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 § 9-26-203 to receive the custod…

(a) Subject to subsection (c) of this section, 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 § 9-26-209, in the absence of a will or under a will or trust that does not c…

(a) Subject to subsections (b) and (c) of this section, a person not subject to § 9-26-205 or § 9-26-206 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 § …

A written acknowledgment of delivery by a custodian shall constitute a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this subchapter.

(a) Custodial property is created and a transfer is made whenever:(1) 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 in substance by …

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 subchapter by the same custodian for the benefit of the same minor constitutes a single custodianship.

(a) The validity of a transfer made in a manner prescribed in this subchapter shall not be affected by:(1) failure of the transferor to comply with § 9-26-209(c) concerning possession and control;(2) designation of an ineligible custodian, except designation of the transferor in …

(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. (1) take control of custodial property; (2) register or record title to custodial…

(a) A custodian, acting in a custodial capacity, shall have 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) This sec…

(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 (i) the duty or ability of the custodian person…

(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 § 9-26-204, a custodian shall have a non-cumulative election during each calendar year …

(1) 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, shall not be responsible for determining:(…

(a) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship, may be asserted against the custodial property by pr…

(a) A person nominated under § 9-26-203 or designated under § 9-26-209 as custodian may decline to serve by delivering a valid disclaimer in the form prescribed by § 28-2-106 [repealed] to the person who made the nomination or to the transferor or the transferor's legal represent…

(a) 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 (i) for an accounting by the custodian or th…

(1) 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 twenty-one (21) years of age with respect to custodial property transferred under § 9-26-204 or § 9-26-205, exc…

(1) This subchapter shall apply to a transfer within the scope of § 9-26-202 made after March 21, 1985, if:(1) the transfer purports to have been made under the Arkansas Uniform Gifts to Minors Act [repealed]; or(2) the instrument by which the transfer purports to have been made …

(a) Any transfer of custodial property as now defined in this subchapter made before March 21, 1985, shall be validated notwithstanding that there was no specific authority in the Arkansas Uniform Gifts to Minors Act [repealed] for the coverage of custodial property of that kind …

This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it.

This subchapter may be cited as the “Arkansas Uniform Transfers to Minors Act”.

If any provisions of this subchapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this subchapter which can be given effect without the invalid provision or application, and to this end provis…

It has been found that Acts 1967, No. 250 limits the kinds of properties that may be transferred to the custodian of a minor and there is a need to expand the kinds of properties that may be the subject of a gift to a minor's custodian. Therefore, an emergency is hereby declared …

Acts 1967, No. 250, the Arkansas Uniform Gifts to Minors Act, is hereby repealed. To the extent that this subchapter, by virtue of § 9-26-222(b), does not apply to transfers made in a manner prescribed in the Arkansas Uniform Gifts to Minors Act [repealed] or to the powers, dutie…

(a) In this subchapter, unless the context otherwise requires:(a) “Bank” is a bank, trust company, national banking association, savings bank, or industrial bank;(b) “Broker” is a person, including a bank, lawfully engaged in the business of effecting transactions in securities f…

A bank, broker, issuer, third-party, or transfer agent incurs no liability by reason of his or her treating a minor as having capacity to transfer a security, to receive or to empower others to receive dividends, interest, principal, or other payments or distributions, to vote or…

A minor, who has transferred a security, received or empowered others to receive dividends, interest, principal, or other payments or distributions, voted or given consent in person or by proxy, or made an election or exercised rights relating to the security, has no right therea…

This subchapter shall be so construed as to effectuate its general purpose to make uniform the laws of those states which enact it.

This subchapter may be cited as the Uniform Securities Ownership by Minors Act.

If any provision of this subchapter or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of the subchapter which can be given effect without the invalid provision or application, and to this end…

All laws and parts of laws in conflict with this subchapter are hereby repealed.