Title 12 — Decedents’ Estates and Fiduciary Relations
35 chapters · 275 sections in this title.
12 Del. C. § 4501. Definitions.
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§ 4501. Definitions. In this chapter: (1) “Adult” means an individual who has attained the age of 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 transaction…
12 Del. C. § 4502. Scope and jurisdiction.
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§ 4502. Scope and jurisdiction. (a) This chapter applies to a transfer that refers to this chapter in the designation under § 4509(a) of this title 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…
12 Del. C. § 4503. Nomination of custodian.
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§ 4503. Nomination of custodian. (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 t…
12 Del. C. § 4504. Transfer by gift or exercise of power of appointment.
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§ 4504. 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 § 4509 of this title.70 Del. Laws, c. 393, § 1;
12 Del. C. § 4505. Transfer authorized by will or trust.
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§ 4505. Transfer authorized by will or trust. (a) A personal representative or trustee may make an irrevocable transfer pursuant to § 4509 of this title to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nomi…
12 Del. C. § 4506. Other transfer by fiduciary.
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§ 4506. Other transfer by fiduciary. (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 § 4509 of this title in the absence of a…
12 Del. C. § 4507. Transfer by obligor.
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§ 4507. Transfer by obligor. (a) Subject to subsections (b) and (c) of this section, a person not subject to § 4505 or § 4506 of this title 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 ben…
12 Del. C. § 4508. Receipt for custodial property.
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§ 4508. Receipt for custodial property. 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.70 Del. Laws, c. 393, § 1;
12 Del. C. § 4509. Manner of creating custodial property and effecting transfer; designation of initial custodian; control.
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§ 4509. Manner of creating custodial property and effecting transfer; designation of initial custodian; control. (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. Registere…
12 Del. C. § 4510. Single custodianship.
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§ 4510. Single custodianship. A transfer may be made only for 1 minor and only 1 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.70 Del. Laws, c. 393, § 1;
12 Del. C. § 4511. Validity and effect of transfer.
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§ 4511. Validity and effect of transfer. (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 § 4509(c) of this title concerning possession and control; (2) Designation of an ineligible custodi…
12 Del. C. § 4512. Care of custodial property.
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§ 4512. Care of custodial property. (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 c…
12 Del. C. § 4513. Powers of custodian.
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§ 4513. Powers of custodian. (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 …
12 Del. C. § 4514. Use of custodial property.
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§ 4514. Use of custodial property. (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 dut…
12 Del. C. § 4515. Custodian’s expenses, compensation and bond.
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§ 4515. Custodian’s expenses, compensation and bond. (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 § 4504 of this title, a custodian …
12 Del. C. § 4516. Exemption of third person from liability.
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§ 4516. 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 knowle…
12 Del. C. § 4517. Liability to third persons.
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§ 4517. Liability to third persons. (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 aga…
12 Del. C. § 4518. Renunciation, resignation, death or removal of custodian; designation of successor custodian.
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§ 4518. Renunciation, resignation, death or removal of custodian; designation of successor custodian. (a) A person nominated under § 4503 of this title or designated under § 4509 of this title as custodian may decline to serve by delivering a written disclaimer to the person who …
12 Del. C. § 4519. Accounting by and determination of liability of custodian.
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§ 4519. Accounting by and determination of liability of custodian. (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…
12 Del. C. § 4520. Termination of custodianship.
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§ 4520. 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 attainment of 21 years of age with respect to custodial property transferred under § 4504 …
12 Del. C. § 4521. Applicability.
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§ 4521. Applicability. This chapter applies to a transfer within the scope of § 4502 of this title made after June 26, 1996, if: (1) The transfer purports to have been made under the Delaware Uniform Gifts to Minors Act; or (2) The instrument by which the transfer purports to hav…
12 Del. C. § 4522. Effect on existing custodianships.
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§ 4522. Effect on existing custodianships. (a) Any transfer of custodial property, as now defined in this chapter, made before June 26, 1996, is validated notwithstanding that there was no specific authority in the Delaware Uniform Gifts to Minors Act for the coverage of custodia…
12 Del. C. § 4523. Short title.
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§ 4523. Short title. This chapter may be cited as the “Delaware Uniform Transfers to Minors Act.”70 Del. Laws, c. 393, § 1;