Common use of Connecticut Uniform Transfers to Minors Act Clause in Contracts

Connecticut Uniform Transfers to Minors Act. (Custodian Account) If you want to make a gift of money in an account for a minor (for this purpose, someone under the age of 21), you can do so under this Act. You can manage the money until the minor becomes 21. The funds in the account belong to the minor. If you open a custodian account, you must provide the Bank with the minor’s tax identification number, date of birth and address. The Bank is not responsible for the use made of the funds by a custodian. You may not, as custodian, pledge an account of this type as collateral for a loan. When the minor reaches the age of 21, it is the responsibility of the custodian to transfer the funds to the minor.