Title XXXII, Ownership and Conveyance of Property

Designation of initial custodian -- Control. (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,…

A transfer may be made only for one (1) minor, and only one (1) person may be the custodian. All custodial property held under KRS 385.032 to 385.222 by the same custodian for the benefit of the same minor constitutes a single custodianship.

(1) The validity of a transfer made in a manner prescribed in KRS 385.032 to 385.222 is not affected by: (a) Failure of the transferor to comply with KRS 385.092(3) concerning possession and control; (b) Designation of an ineligible custodian, except designation of the transferor…

(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…

(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 do…

(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: (a) The duty or ability of the custodian perso…

(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 KRS 385.042, a custodian has a noncumulative election during each calendar year to char…

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 va…

(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 proc…

successor custodian. (1) A person nominated under KRS 385.032 or designated under KRS 385.092 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. If the event givin…

(1) 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: (a) For an accounting by the custodian or t…

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 age eighteen (18) with respect to custodial property transferred under KRS 385.042 to 385.072; or (2) The minor's …

KRS 385.032 to 385.222 apply to a transfer within the scope of KRS 385.022 made after July 15, 1986, if: (1) The transfer purports to have been made under the Uniform Gifts to Minors Act of Kentucky; or (2) The instrument by which the transfer purports to have been made uses in s…

(1) Any transfer of custodial property as now defined in KRS 385.012 made before July 15, 1986, is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of Kentucky for the coverage of custodial property of that kind or for a transfer f…

KRS 385.012 to 385.242 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of KRS 385.012 to 385.242 among states enacting it.

To the extent that KRS 385.012 to 385.232, by virtue of KRS 385.222(2), does not apply to transfers made in a manner prescribed in the Gifts to Minors Act of Kentucky or to the powers, duties, and immunities conferred by transfers in that manner upon custodians and persons dealin…

KRS 385.012 to 385.242 may be cited as the "Kentucky Uniform Transfers to Minors Act."