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Minnesota Statutes, Title Minnesota Statutes

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Minnesota/Statutes

← All Minnesota coverage

Title Minnesota Statutes, Minnesota Statutes

1,133 chapters · 28,363 sections in this title.

All chapters in Title Minnesota Statutes28,363 Ch 336, UNIFORM COMMERCIAL CODE642 Ch 524, UNIFORM PROBATE CODE394 Ch 609, CRIMINAL CODE377 Ch 144, DEPARTMENT OF HEALTH361 Ch 469, ECONOMIC DEVELOPMENT257 Ch 473, METROPOLITAN GOVERNMENT247 Ch 148, PUBLIC HEALTH OCCUPATIONS206 Ch 169, TRAFFIC REGULATIONS200 Ch 256B, MEDICAL ASSISTANCE FOR NEEDY PERSONS196 Ch 60A, GENERAL INSURANCE POWERS195 Ch 13, GOVERNMENT DATA PRACTICES177 Ch 115A, WASTE MANAGEMENT171 Ch 325F, CONSUMER PROTECTION; PRODUCTS AND SALES168 Ch 383B, HENNEPIN COUNTY168

19 sections·Filtered byTitle Minnesota Statutes✕Ch 529✕

Minn. Stat. § 529.01 DEFINITIONS.
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529.01 DEFINITIONS. As used in sections 529.01 to 529.19: (1) "Adult" means an individual who is at least 18 years of age. (2) "Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individua…
Minn. Stat. § 529.02 CUSTODIAL TRUST; GENERAL.
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529.02 CUSTODIAL TRUST; GENERAL. (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 ma…
Minn. Stat. § 529.03 CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER.
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529.03 CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER. (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, …
Minn. Stat. § 529.04 FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE, JURISDICTION.

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529.04 FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE, JURISDICTION. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under sections 529.01 to 529.19 upon the custodial trustee's acceptance, express or…

Minn. Stat. § 529.05 MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP.

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529.05 MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declarati…

Minn. Stat. § 529.06 GENERAL DUTIES OF CUSTODIAL TRUSTEE.

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529.06 GENERAL DUTIES OF CUSTODIAL TRUSTEE. (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 i…

Minn. Stat. § 529.07 GENERAL POWERS OF CUSTODIAL TRUSTEE.

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529.07 GENERAL POWERS OF CUSTODIAL TRUSTEE. (a) A custodial trustee, acting in a fiduciary capacity, has 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 those rights …

Minn. Stat. § 529.08 USE OF CUSTODIAL TRUST PROPERTY.

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529.08 USE OF CUSTODIAL TRUST PROPERTY. (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 benefici…

Minn. Stat. § 529.09 DETERMINATION OF INCAPACITY; EFFECT.

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529.09 DETERMINATION OF INCAPACITY; EFFECT. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the transferor has so directed in the instrument creating the custodial trust, or (ii) the custodial trustee has determined that t…

Minn. Stat. § 529.10 EXEMPTION OF THIRD PERSON FROM LIABILITY.

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529.10 EXEMPTION OF THIRD PERSON FROM LIABILITY. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of k…

Minn. Stat. § 529.11 LIABILITY TO THIRD PERSON.

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529.11 LIABILITY TO THIRD PERSON. (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial …

Minn. Stat. § 529.12 DECLINATION, RESIGNATION, INCAPACITY, DEATH, OR REMOVAL OF CUSTODIAL TRUSTEE; DESIGNATION OF SUCCESSOR CUSTODIAL TRUSTEE.

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529.12 DECLINATION, RESIGNATION, INCAPACITY, DEATH, OR REMOVAL OF CUSTODIAL TRUSTEE; DESIGNATION OF SUCCESSOR CUSTODIAL TRUSTEE. (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the d…

Minn. Stat. § 529.13 EXPENSES, COMPENSATION, AND BOND OF CUSTODIAL TRUSTEE.

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529.13 EXPENSES, COMPENSATION, AND BOND OF CUSTODIAL TRUSTEE. 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) is entitled to reimbursement from custodial trust property …

Minn. Stat. § 529.14 REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE; DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE.

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529.14 REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE; DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE. (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…

Minn. Stat. § 529.15 LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE.

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529.15 LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE. (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 is barred as to a beneficiary, a per…

Minn. Stat. § 529.16 DISTRIBUTION ON TERMINATION.

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529.16 DISTRIBUTION ON TERMINATION. (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 holder of the beneficiary's power of attorney; (3) to …

Minn. Stat. § 529.17 METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS.

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529.17 METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS. (a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 529.02 are satisfied by: (1) the execution and either delivery to …

Minn. Stat. § 529.18 APPLICABLE LAW.

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529.18 APPLICABLE LAW. (a) Sections 529.01 to 529.19 apply to a transfer or declaration creating a custodial trust that refers to sections 529.01 to 529.19 if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has it…

Minn. Stat. § 529.19 SHORT TITLE.

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529.19 SHORT TITLE. Sections 529.01 to 529.19 may be cited as the "Minnesota Uniform Custodial Trust Act." History: 1990 c 476 s 19