Common use of Uniform Transfer to Minor Accounts Clause in Contracts

Uniform Transfer to Minor Accounts. All funds deposited into an Uniform Transfer to Minor Account (“UTMA”) irrevocably become the property of the minor, but are to be managed for the minor’s benefit by a designated custodian until the minor reaches the age of 21, at which time the custodian is responsible for distributing the funds to the minor. The minor shall have no authority to withdraw funds from the UTMA account. FSB is entitled to rely upon instructions from the custodian named on the account. FSB shall not be liable to the minor for any actions taken by the custodian in connection with the account. Only one custodian (who must be 21 or older) and one minor are allowed per account. Upon the death or evidence satisfactory to FSB of incapacity of the custodian named on the account application, FSB shall rely upon the instructions of a successor custodian. FSB shall have no duty to monitor the account or the status of the custodian or minor. Upon the withdrawal of all funds in the account by the custodian, FSB shall have no further responsibility to the custodian or the minor and the account will be closed.

Uniform Transfer to Minor Accounts. All funds deposited into an Uniform Transfer to Minor Account (“UTMA”) irrevocably become the property of the minor, but are to be managed for the minor’s benefit 's benefit by a designated custodian until the minor reaches the age of 21, at which time the custodian is responsible for distributing the funds to the minor. The minor shall have no authority to withdraw funds from the UTMA account. FSB is entitled to rely upon instructions from the custodian named on the account. FSB shall not be liable to the minor for any actions taken by the custodian in connection with the account. Only one custodian (who must be 21 or older) and one minor are allowed per account. Upon the death or evidence satisfactory to FSB of incapacity of the custodian named on the account application, FSB shall rely upon the instructions of a successor custodian. FSB shall have no duty to monitor the account or the status of the custodian or minor. Upon the withdrawal of all funds in the account by the custodian, FSB shall have no further responsibility to the custodian or the minor and the account will be closed.

Uniform Transfer to Minor Accounts. All funds deposited into an Uniform Transfer to Minor Account (“UTMA”) irrevocably become the property of the minor, but are to be managed for the minor’s benefit benefit by a designated custodian until the minor reaches the age of 21, at which time the custodian is responsible for distributing the funds to the minor. The minor shall have no authority to withdraw funds from the UTMA account. FSB is entitled to rely upon instructions from the custodian named on the account. FSB shall not be liable to the minor for any actions taken by the custodian in connection with the account. Only one custodian (who must be 21 or older) and one minor are allowed per account. Upon the death or evidence satisfactory to FSB of incapacity of the custodian named on the account application, FSB shall rely upon the instructions of a successor custodian. FSB shall have no duty to monitor the account or the status of the custodian or minor. Upon the withdrawal of all funds in the account by the custodian, FSB shall have no further responsibility to the custodian or the minor and the account will be closed.