Chapter 201A

Section 1. As used in this chapter the following words shall, unless the context requires otherwise, have the following meanings:— ''Adult'', an individual who has attained the age of twenty-one years. ''Broker'', a person lawfully engaged in the business of effecting transaction…

Section 10. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.

Section 11. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) failure of the transferor to comply with subsection (c) of section nine concerning possession and control; (2) designation of an ineligible custodian, except designation…

Section 12. (a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe …

Section 13. (a) 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. (b) Thi…

Section 14. (a) 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 (i) the duty or ability of the cust…

Section 15. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (b) Except for one who is a transferor under section four, a custodian has a noncumulative election during each calendar…

Section 16. 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, shall not be responsible for deter…

Section 17. (a) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship, may be asserted against the custodial pr…

Section 18. (a) A person nominated under section three or designated under section nine as custodian may decline to serve in a writing delivered to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a tran…

Section 19. (a) A minor who has attained the age of fourteen years, the minor's guardian, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court (i) for an accounting by the custodian or the custodian's legal representat…

Section 2. (a) Except as otherwise provided in section twenty-two, this chapter shall apply to a transfer that refers to this chapter in the designation under subsection (a) of section nine by which the transfer is made if, at the time of the transfer, the transferor, or the mino…

Section 20. 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 twenty-one years of age with respect to custodial property transferred to a custodian nominated as pro…

Section 21. This chapter applies to a transfer within the scope of section two made after its effective date if: (1) the transfer purports to have been made under the Massachusetts Uniform Gifts to Minors Act; or (2) the instrument by which the transfer purports to have been made…

Section 22. (a) Any transfer of custodial property as now defined in this chapter made at a time when this chapter was entitled the Uniform Gifts to Minors Act is validated notwithstanding that there was no specific authority in the Massachusetts Uniform Gifts to Minors Act for t…

Section 23. 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.

Section 24. This chapter may be cited as the ''Massachusetts Uniform Transfers to Minors Act''.

Section 3. (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed …

Section 4. 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 nine.

Section 5. (a) A personal representative or trustee may make an irrevocable transfer pursuant to section nine to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under section three to re…

Section 6. (a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or another trust company as custodian for the benefit of a minor pursuant to section nine, in the absence of a will or under a will or trust that does …

Section 7. (a) Subject to subsections (b) and (c), a person not subject to section five or section six who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section…

Section 8. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.

Section 9. (a) Custodial property is created and a transfer is made whenever: (1) an uncertificated security or a certificated security in registered form is either (i) registered in the name of the transferor, an adult other than the transferor or a trust company, followed in su…