Chapter 554B — Chapter 554B

§554B-1 Definitions. As used in this chapter: "Adult" means an individual who has attained the age of eighteen years. "Beneficiary" means an individual for whom property has been delivered to a custodial trustee for the individual's use and benefit under this chapter. "Conservato…

§554B-13 Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor custodial trustee. (a) A person designated as custodial trustee, before accepting the custodial trust property, may decline to serve by notifying the person who made th…

§554B-16 Limitations of action against custodial trustee. (a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a p…

§554B-17 Termination and distribution. (a) A custodial trust terminates on the custodial trustee's receipt of a signed written direction of the beneficiary, if not incapacitated within section 554B-10, or of the beneficiary's conservator, if any, or upon the beneficiary's death. …

§554B-2 Custodial trust; general. (a) A person may create a custodial trust of property by transfer evidenced by registration or other written instrument of transfer to another in any manner consistent with law, naming an individual, who may be the transferor or another, as benef…

§554B-5 Transfer to custodial trustee by fiduciary or obligor, facility of payment. (a) Unless controlled by an instrument designating a custodial trustee under section 554B-3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to…