Common use of Uniform Transfer to Minor Accounts Clause in Contracts

Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor (Custodial) Account (UTTMA) is an account established by an individual as a custodian on behalf of a minor (a person under twenty-one (21) years of age). The custodian shall open the account in the name of the minor, include the minor’s tax identification number, and must sign his or her own name, as custodian on the Application. The custodian has possession and control of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to make withdrawals from, or close the account. The custodian may name a successor custodian. In the event of the custodian’s death, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal. It is the legal responsibility of the custodian to change the status of the account when the minor reaches age twenty-one (21).