Title Minnesota Statutes, Minnesota Statutes

527.25 TRANSFER AUTHORIZED BY WILL OR TRUST. (a) A personal representative or trustee may make an irrevocable transfer pursuant to section 527.29 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…

527.26 OTHER TRANSFER BY FIDUCIARY. (a) Subject to paragraph (c), 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 527.29, in the absence of a will or under a will o…

527.27 TRANSFER BY OBLIGOR. (a) Subject to paragraphs (b) and (c), a person not subject to section 527.25 or 527.26 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 pur…

527.28 RECEIPT FOR CUSTODIAL PROPERTY. 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. History: 1985 c 221 s 8

527.29 MANNER OF CREATING CUSTODIAL PROPERTY AND EFFECTING TRANSFER; DESIGNATION OF INITIAL CUSTODIAN; CONTROL. (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) registere…

527.30 SINGLE CUSTODIANSHIP. 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. History: 1985 c 221 s 10

527.31 VALIDITY AND EFFECT OF TRANSFER. (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 section 527.29, paragraph (c), concerning possession and control; (2) designation of an ineligible c…

527.32 CARE OF CUSTODIAL PROPERTY. (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 c…

527.33 POWERS OF CUSTODIAN. (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 capaci…

527.34 USE OF CUSTODIAL PROPERTY. (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 …

527.35 CUSTODIAN'S EXPENSES, COMPENSATION, AND BOND. (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 527.24, a custodian has a …

527.36 EXEMPTION OF THIRD PERSON FROM LIABILITY. 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 knowledg…

527.37 LIABILITY TO THIRD PERSONS. (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 a…

527.38 RENUNCIATION, RESIGNATION, DEATH, OR REMOVAL OF CUSTODIAN; DESIGNATION OF SUCCESSOR CUSTODIAN. (a) A person nominated under section 527.23 or designated under section 527.29 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomin…

527.39 ACCOUNTING BY AND DETERMINATION OF LIABILITY OF CUSTODIAN. (a) A minor who has attained the age of 14 years, the minor's guardian or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court (i)…

527.40 TRANSFER UPON TERMINATION OF CUSTODIANSHIP. § Subdivision 1.Terminating events. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of the following terminating events: (1) the minor's attainme…

527.405 CONVEYANCE BY CUSTODIAN. § Subdivision 1.Affidavit of custodian. In support of a real property transaction where an interest in real property is held in a custodianship, a custodian shall furnish to the grantee or other party to the transaction an affidavit attesting that…

527.41 APPLICABILITY. Sections 527.21 to 527.40 apply to a transfer within the scope of section 527.22 made after January 1, 1986, if: (1) the transfer purports to have been made under Minnesota Statutes 1984, sections 527.01 to 527.11; or (2) the instrument by which the transfer…

527.42 EFFECT ON EXISTING CUSTODIANSHIPS. Section 527.40, subdivision 1, does not apply to custodial property transferred under section 527.26 or 527.27 before May 17, 2020. For custodial property transferred under section 527.26 or 527.27 before May 17, 2020, the custodian shall…

527.43 SAVINGS PROVISION. To the extent that sections 527.21 to 527.40, by virtue of section 527.42, paragraph (b), do not apply to transfers made in a manner prescribed in Minnesota Statutes 1984, sections 527.01 to 527.11 or to the powers, duties, and immunities conferred by tr…

527.44 SHORT TITLE. This chapter may be cited as the "Minnesota Uniform Transfers to Minors Act." History: 1985 c 221 s 24