Title 47 — Property

In this chapter: 1. "Adult" means an individual who has attained the age of twenty-one years. 2. "Benefit plan" means an employer's plan for the benefit of an employee or partner. 3. "Broker" means a person lawfully engaged in the business of effecting transactions in securities …

1. This chapter applies to a transfer that refers to this chapter in the designation under subsection 1 of section 47-24.1-09 by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial pro…

1. 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 in substance…

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 47-24.1-09.

1. A personal representative or trustee may make an irrevocable transfer pursuant to section 47-24.1-09 to a custodian for the benefit of a minor as authorized in the governing will or trust. 2. If the testator or settlor has nominated a custodian under section 47-24.1-03 to rece…

1. Subject to subsection 3, 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 47-24.1-09, in the absence of a will or under a will or trust that does not contain an a…

1. Subject to subsections 2 and 3, a person not subject to section 47-24.1-05 or 47-24.1-06 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 pursuant to section 47-24.1…

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. 47-24.1-09. Manner of creating custodial property and effecting transfer - Designation of initial custo…

A transfer may be made only for one minor and up to two persons may be joint custodians. All custodial property held under this chapter by the same custodian or joint custodians for the benefit of the same minor constitutes a single custodianship. Unless otherwise specified in a …

1. The validity of a transfer made in a manner prescribed in this chapter is not affected by: a. Failure of the transferor to comply with subsection 3 of section 47-24.1-09 concerning possession and control; b. Designation of an ineligible custodian, except designation of the tra…

1. A custodian shall: a. Take control of custodial property; b. Register or record title to custodial property if appropriate; and c. Collect, hold, manage, invest, and reinvest custodial property. 2. In dealing with custodial property, a custodian shall observe the standard of c…

1. 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. 2. This section does…

1. 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: a. The duty or ability of the custodian persona…

1. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. 2. Except for one who is a transferor under section 47-24.1-12, a custodian has a noncumulative election during each calendar year to…

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, is not responsible for determining: 1. The val…

1. A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial property by proceeding against …

1. A minor who has attained the age of fourteen years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court for an accounting by the custodian or the custodia…

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 under section 47-24.1-04 or 47-24.1-05; 2. T…

This chapter applies to a transfer within the scope of section 47-24.1-02 made after June 30, 1985, if: 1. The transfer purports to have been made under the North Dakota Uniform Gifts to Minors Act; or 2. The instrument by which the transfer purports to have been made uses in sub…

1. Any transfer of custodial property as now defined in this chapter made before July 1, 1985, is validated notwithstanding that there was no specific authority in the North Dakota Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer f…