Title 33, Title 33

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 section 1660.

1. Authorized transfer. A personal representative or trustee may make an irrevocable transfer pursuant to section 1660 to a custodian for the benefit of a minor as authorized in the governing will or trust. 2. Authorized custodian. If the testator or settlor has nominated a custo…

1. Transfer by personal representative or trustee. 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 section 1660, in the absence of a will or under …

1. Irrevocable transfer. Subject to subsections 2 and 3, a person not subject to section 1656 or 1657 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to secti…

A written acknowledgement of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this Act.

1. Creation and transfer. 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, fol…

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.

1. Validity not affected. 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 section 1660, subsection 3, concerning possession and control; [PL 1987, c. 734, §2 (NEW).] B. Designation of an ineligible…

1. Duties. A custodian shall: A. Take control of custodial property; [PL 1987, c. 734, §2 (NEW).] B. Register or record title to custodial property if appropriate; and [PL 1987, c. 734, §2 (NEW).] C. Collect, hold, manage, invest and reinvest custodial property. [PL 1987, c. 734,…

1. Custodial capacity. 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.…

1. Standard for expenditure of property. A custodian may deliver or pay to the minor or expend for the minor's benefit as 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 o…

1. Reimbursement. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. 2. Compensation. Except for one who is a transferor under section 1655, a custodian has a noncumulative election durin…

A 3rd 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: [PL 1987, c.…

1. Claim against property. A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial propert…

1. Disclaimer; nomination of substitute custodian. A person nominated under section 1654 or designated under section 1660 as custodian may decline to serve by delivering a valid disclaimer, under Title 18‑C, Article 2, Part 9, to the person who made the nomination to or the trans…

1. Petition for accounting. A minor who has attained 14 years of age, 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 o…

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of: [PL 1987, c. 734, §2 (NEW).] 1. Transferor's option. The minor's attainment of 18 years of age with respect to custodial property transferred un…

This Act applies to a transfer within the scope of section 1653 made after its effective date if: [PL 1987, c. 734, §2 (NEW).] 1. Reference to prior Act. The transfer purports to have been made under the Uniform Gifts to Minors Act of this State; or 2. Reference to Uniform Gifts …

1. Transfers validated. Any transfer of custodial property as defined in this Act made before the effective date of this Act is validated notwithstanding that there was no specific authority in former chapter 19 for the coverage of custodial property of that kind or for a transfe…

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.