Title 46, Title 46: PROPERTY

46:38-17. Effect of custodial gift A gift made in the manner prescribed in this act is irrevocable and conveys to the minor an indefeasible vested legal title to the security, life insurance or endowment policy, annuity contract, money, tangible personal property, interest in a p…

46:38-18. Acceptance of custodianship; notice (a) If a custodial gift includes a security not in registered form the execution by the custodian designee of the acknowledgment of receipt described in section 3(b) of this act constitutes acceptance of the custodianship. (b) If a cu…

46:38-19. Successor custodians; designation A donor may, at the time of making a custodial gift, designate one or more eligible persons as successor custodians to act as such upon the renunciation, death, resignation or removal of the first custodian or of the preceding successor…

46:38-19.1. Resignation, death or removal of custodian; designation of successor custodian a. A custodian may, before he renounces, dies, resigns or is removed from office, designate a successor custodian if the donor has failed to designate a successor. The custodian may designa…

46:38-20. Acceptance of custodianship by designated successor A person designated a successor custodian shall be deemed to have accepted the custodianship upon the execution by him and delivery to the person or court who designated him a notice in writing of his acceptance of the…

46:38-20.1. Taking effect of designation of successor custodian The designation of a successor custodian takes effect as to each item of the custodial property when the custodian resigns, dies or becomes legally incapacitated and the custodian or his legal representative: a. Caus…

46:38-21. Persons eligible to be custodians Only the following persons are eligible to be custodians: the donor of the custodial property, an adult, a guardian of the minor and a trust company. There may not be more than one custodian of the same custodial property at the same ti…

46:38-22. Authorization of trustee or executor to make gift to minor An adult may authorize or direct his trustee or executor to make a gift to a minor under this act. If a gift is so made, the trustee or executor shall be deemed the donor of the gift for the purpose of this act.…

46:38-23. Gift to one minor; one person as custodian Any gift made under this act may be made to only one minor and only one person may be the custodian. L. 1963, c. 177, s. 11. Amended by L.1981, c. 377, s. 10, eff. March 1, 1982; repealed R.S. 46:38A-57 (effective July 1, 2007)…

46:38-24. Placing subject of gift in possession and control of custodian A donor of a custodial gift shall promptly do all things within his power to put the subject of the gift in the possession and control of the custodian, but neither the donor's failure to comply with this se…

46:38-24.1. Placement of possession and control of custodial property in successor custodian; priority of instruments of designation A custodian who executes an instrument of designation of his successor containing the custodian's resignation shall promptly do all things within h…

46:38-25. Rights, duties or authority of guardian with respect to custodial property A guardian of a minor shall have no right, power, duty or authority with respect to custodial property except as provided in this act. L. 1963, c. 177, s. 13; repealed R.S. 46:38A-57 (effective J…

46:38-26. Combining and treating gifts as single custodial gift; separate administration of gifts If one person has been designated custodian of 2 or more custodial gifts for the same minor he may combine and treat them for all purposes as if they were a single custodial gift. If…

46:38-27. Custodian; powers, duties 15. (a) The custodian shall collect, hold, manage, invest and reinvest the custodial property. (b) The custodian shall pay over to the minor for expenditure by him, or expend on behalf of the minor, so much of or all the custodial property as t…

46:38-28. Reimbursement for expenses; compensation; bond; liability for losses (a) A custodian is entitled to reimbursement from the custodial property for his reasonable expenses incurred in the performance of his duties. (b) A custodian may act without compensation for his serv…

46:38-29. Exemption of third persons from liability An issuer, transfer agent, bank, life insurance company, broker or other person acting on the instructions of or otherwise dealing with any person purporting to act as a donor or custodian (a) is not responsible for determining …

46:38-30. Resignation of custodian; procedure (a) If a successor custodian who is then in being has been designated, the custodian may resign by (1) executing an instrument of resignation, (2) causing each security which is custodial property and in registered form or a life insu…

46:38-32. Death, renunciation of custodian 20. Upon the death of a custodian or renunciation of a custodian designee for whom a successor custodian has been designated or provided by law, the certificate of death, a written renunciation or a written recital of the renunciation, a…

46:38-33. Requiring custodian to give bond; removal of custodian; transfer of custodial property Upon application of the donor, the legal representative of a donor, an adult member of the minor's family, a guardian of the minor, or the minor if he has attained the age of 14 years…

46:38-34. Accounting by custodian The court may require or permit the custodian or his legal representative to account incident to any proceeding under this act, or in a separate proceeding upon application of the minor if he has attained 14 years of age, the legal representative…

46:38-35. Delivery of notice A delivery of a notice to a person under this act may be effected either (a) by personal delivery to the person, (b) by personal delivery at his residence to a member of his household who has attained 14 years of age, or (c) by registered or certified…

46:38-36. Construction of act (a) This act shall be construed to promote uniformity with similar laws of other States. (b) The methods for making gifts to minors provided by this act are not exclusive. L.1963, c. 177, s. 24; repealed R.S. 46:38A-57 (effective July 1, 2007).

46:38-37. Model act; application and repeal "An act concerning gifts of securities to minors," approved July 14, 1955 (P.L.1955, c. 139), hereinafter called the "Model Act," shall not apply to any gift made to a minor on or after the effective date of this act. The Model Act is r…

46:38-38. Gifts made under model act All gifts made before the effective date of this act under the Model Act shall continue to be governed by the Model Act. L.1963, c. 177, s. 26; repealed R.S. 46:38A-57 (effective July 1, 2007).

46:38-39. Gifts authorized or directed to be made under model act All gifts which were, before the effective date of this act, authorized or directed to be made under the Model Act shall, if made, be made under this act. L.1963, c. 177, s. 27; repealed R.S. 46:38A-57 (effective J…

46:38-40. Reservation of power The Legislature reserves the power to amend, supplement and repeal this act. L.1963, c. 177, s. 28; repealed R.S. 46:38A-57 (effective July 1, 2007).

46:38-41. Provisions severable 29. If any provision of this act, or any application of any provision, is held invalid, the invalidity shall not affect other applications of the provision, or other provisions of the act, which reasonably can be given effect despite the invalidity.…