Title 14, Title 14: Decedents' Estates and Fiduciary Relations

§ 3215. Transfer authorized by will or trust (a) A personal representative or trustee may make an irrevocable transfer pursuant to section 3219 of this title to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has…

§ 3216. Other transfer by fiduciary (a) Subject to subsection (c) of this section, 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 3219 of this title, in the absen…

§ 3217. Transfer by obligor (a) Subject to subsections (b) and (c) of this section, a person not subject to section 3215 or 3216 of this title who holds property of or owes a liquidated debt to a minor not having a financial guardian may make an irrevocable transfer to a custodia…

§ 3218. 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. (Added 2015, No. 7, § 1.)

§ 3219. 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: (A) registere…

§ 3220. 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. (Added 2015, No. 7, § 1.)

§ 3221. 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 subsection 3219(c) of this title concerning possession and control; (2) designation of an ineligible…

§ 3222. 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…

§ 3223. 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…

§ 3224. 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: (1) the duty…

§ 3225. 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 3214 of this title, a cust…

§ 3226. 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…

§ 3227. Liability to third persons (a) A claim based on any of the following may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor: (1) a contract enter…

§ 3228. Renunciation, resignation, death, or removal of custodian; designation of successor custodian (a) A person nominated under section 3213 of this title or designated under section 3219 of this title as custodian may decline to serve by delivering a valid disclaimer to the p…

§ 3229. Accounting by and determination of liability of custodian (a) A minor who has attained 14 years of age, the minor’s financial guardian or legal representative, a guardian of the minor appointed pursuant to section 2628 or 2664 of this title, an adult member of the minor’s…

§ 3230. Termination of custodianship The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earliest of: (1) the minor’s attainment of 21 years of age with respect to custodial property transferred under section…

§ 3231. Applicability This chapter applies to a transfer within the scope of section 3212 of this title made after its effective date if: (1) the transfer purports to have been made under the Vermont Uniform Gifts to Minors Act; or (2) the instrument by which the transfer purport…

§ 3232. Effect on existing custodianships (a) Any transfer of custodial property as now defined in this chapter made before July 1, 2015 is validated, notwithstanding that there was no specific authority in the Vermont Uniform Gifts to Minors Act for the coverage of custodial pro…

§ 3233. Uniformity of application and construction This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. (Added 2015, No. 7, § 1.)

§ 3234. Severability If any provisions of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and, to…