Title 30, Guardians And Trustees

§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-10] Determination of incapacity, proceeding and effect. (a) A beneficiary is incapacitated for the purposes of this chapter and the custodial trustee shall administer and distribute the custodial trust as one for an incapacitated beneficiary: (b) A custodial trustee may de…

[§554B-11] Exemption of third person from liability. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee, and, in the abs…

[§554B-12] Liability to third persons. (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custo…

§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-14] Expenses, compensation, and bond of custodial trustee. Except as provided otherwise in the custodial trust instrument, in an agreement with the beneficiary, or by court order:

[§554B-15] Reporting and accounting by custodial trustee; determination of liability of custodial trustee. (a) Upon the acceptance of the custodial trust property, a custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter p…

§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-18] Implementation, methods, and forms for creating custodial trusts. (a) If a transaction otherwise satisfies applicable law, TRANSFER UNDER THE HAWAII UNIFORM CUSTODIAL TRUST ACT I, ________________(name of transferor or name and representative capacity if a fiduciary), …

[§554B-19] Applicable law. (a) This chapter applies to a registration, transfer, or declaration that refers to this chapter as provided in section 554B-2 if, at the time of the registration, transfer, or declaration, the transferor, beneficiary, or custodial trustee is a resident…

§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-20] Uniformity of application and construction. 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. [L 1989, c 76, pt of §1]

[§554B-21] Short title. This chapter may be cited as the Hawaii Uniform Custodial Trust Act. [L 1989, c 76, pt of §1]

[§554B-22] Severability. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and …

[§554B-3] Custodial trustee for future payment or transfer. A custodial trust may be created upon the occurrence of a future event. The person having the right to designate the recipient of property payable or transferable upon a future event may designate in writing a custodial …

[§554B-4] Form and effect of receipt and acceptance by custodial trustee, jurisdiction. (a) The obligations of a custodial trustee, including the obligation to follow directions of the beneficiary pursuant to section 554B-7, arise under this chapter upon the custodial trustee's a…

§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…

[§554B-6] Multiple beneficiaries, separate custodial trusts, survivorship. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in transfers for benefi…

[§554B-7] General management duties of custodial trustee. (a) A custodial trustee shall register or record the instrument transferring title to custodial trust property if appropriate. (b) In the management, control, investment, or retention of custodial trust property, a custodi…

[§554B-7.5] Minors in theatrical employment; mandatory trust account; fiduciary duty; rules. (a) The parent or legal guardian of a minor in theatrical employment shall establish a trust account for the benefit of the minor before the minor's first instance of theatrical employmen…

[§554B-8] General powers of custodial trustee. (a) A custodial trustee, acting in a fiduciary capacity, has all the rights, powers, and authority over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise…

[§554B-9] Use of custodial trust property. (a) The custodial trustee shall pay to the beneficiary or expend for the beneficiary's benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (b) If the beneficiary…