Chapter 203B

Section 13. (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor's legal representative. If an event giving rise to a transfer has not o…

Section 14. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee: (1) shall be entitled to reimbursement from custodial trust property for reasonable expenses incurred in the perf…

Section 15. (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each ye…

Section 16. (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 shall be barred as to a beneficiary, a person to whom custodial trust property i…

Section 17. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) to the beneficiary, if not incapacitated or deceased; (2) to the conservator or other recipient designated by the court for an incapacitated be…

Section 18. (a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section two shall be satisfied by: (1) the execution and either delivery to the custodial trustee or recording of an i…

Section 19. (a) This chapter shall apply to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business i…

Section 2. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, i…

Section 3. (a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: ''as custodial trust…

Section 4. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, shall arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property. (b) The custodial trustee's acceptance…

Section 5. (a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section three, a person, including a fiduciary other than a custodial trustee, who holds property of, or owes a debt to, an incapacitated individual not having a conservator may …

Section 6. (a) Beneficial interests in a custodial trust created for multiple beneficiaries shall be deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom sur…

Section 7. (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, invest…

Section 8. (a) A custodial trustee, acting in a fiduciary capacity, shall have all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise such rights and powers in a fiduciary c…

Section 9. (a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and 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 is incapacitated, the cus…