Title XL, Real and Personal Property

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 s. 710.111. Notwithstanding s. 710.106, a transfer by irrevocable gift from a trust over which the grantor ha…

(1) A personal representative or trustee may make an irrevocable transfer pursuant to s. 710.111 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 s. 710.104 to receive the custodi…

(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 pursuant to s. 710.111, in the absence of a will or under a will or trust that does not contain an author…

(1) Subject to subsections (2) and (3), a person not subject to s. 710.106 or s. 710.107 who holds property, including, but not limited to, a benefit plan, of a minor not having a conservator, or who owes a liquidated debt to a minor not having a conservator, may make an irrevoca…

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this act.History.—s. 1, ch. 85-95.

(1) Custodial property is created and a transfer is made whenever:(a) An uncertificated security or a certificated security in registered form is either:1. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by t…

A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship.History.—s. 1, ch. 85-95.

(1) The validity of a transfer made in a manner prescribed in this act is not affected by:(a) Failure of the transferor to comply with s. 710.111(3) concerning possession and control;(b) Designation of an ineligible custodian, except designation of the transferor in the case of p…

(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 …

(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 doe…

(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 the duty or ability of the custodian personally…

(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 s. 710.105, a custodian has a noncumulative election during each calendar year to charge…

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:(1) The val…

(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; or(c) A tort committed during the custodianship,may be asserted against the custodial property by proceedi…

(1) A person nominated under s. 710.104 or designated under s. 710.111 as custodian may decline to serve by delivering a valid disclaimer under chapter 739 to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving ris…

(1) 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 for an accounting by the custodian or the custodian’s l…

(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:(a) The minor’s attainment of 21 years of age with respect to custodial property transferred under s. 710.105 or s. 710.106. However, a trans…

This act applies to a transfer within the scope of s. 710.103 made after October 1, 1985, if:(1) The transfer purports to have been made under the Florida Gifts to Minors Act (former ss. 710.01-710.10); or(2) The instrument by which the transfer purports to have been made uses in…

(1) Any transfer of custodial property as now defined in this act made before October 1, 1985, is validated notwithstanding that there was no specific authority in the Florida Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that sour…

This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it.History.—s. 1, ch. 85-95.