Common use of Uniform Transfer to Minor Accounts Clause in Contracts

Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account (UTMA) is an individual account established in accordance with Oregon law by a member 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 on the Account Card. The custodian is the owner 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 deposits to, withdrawals from, or close the account. The custodian must hold and use the funds in accordance with applicable law, but we will not be responsible for verifying the use or disposition of any funds in such an account. In the event of the custodian’s death, if there is no designated successor custodian, 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 Custodian’s responsibility to change the status of the account when the minor reaches age of majority.

Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account (UTMA) is an individual account established in accordance with Oregon law by a member 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 on the Account Card. The custodian is the owner 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 deposits to, withdrawals from, or close the account. The custodian must hold and use the funds in accordance with applicable law, but we will not be responsible for verifying the use or disposition of any funds in such an account. In the event of the custodian’s death, if there is no designated successor custodian, 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 Custodian’s responsibility to change the status of the account when the minor reaches age of majority21.