Uniform Transfers to Minors Account. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. 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 authorized to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawals.
Uniform Transfers to Minors Account. A Uniform Transfers to Minors Account (UTMA) is set up by a member, who shall be recognized as the custodian of the account, who deposits funds into the account as a gift to a minor. The minor is the recipient of the custodial funds in the account. The custodian holds proprietary rights and control of the account for the sole privilege and advantage of the minor and until the minor reaches the age of majority. The custodian is the only party authorized to contribute or withdraw funds or close the account, unless otherwise ordered by the court. We are not required to question the use or purpose of any transaction. We may delay any withdrawals from the account if the custodian dies, until we have been instructed by any person permitted by law to withdraw funds, or a court orders us to make a withdrawal.
Uniform Transfers to Minors Account. If you open an account for a minor under the Uniform Transfers to Minors Act (“UTMA”), then you, as custodian, control and manage the account until the minor reaches the age of majority, but the designated minor is the owner of the funds in the account. The Social Security number of the minor is to be used for income tax reporting. We may limit transactions on the account if you fail to transfer the funds to the beneficiary as required by applicable law.
Uniform Transfers to Minors Account. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. 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 authorized to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction except as required by applicable law. If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawals.
Uniform Transfers to Minors Account. A Uniform Transfers to Minors Account (UTMA) is an individual account established by a member as a custodian by depositing funds as an irrevocable gift to a minor. The minor to whom the gift is made is the owner and beneficiary of the funds. 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 deposits to, withdrawals from, or close the account. The Credit Union has no duty to inquire of the use or purpose of any transaction by the 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. The account will terminate and be distributed in accordance with applicable law.
Uniform Transfers to Minors Account. A Texas Uniform Transfers to Minors Account (TUTMA) is an individual account established by a member (qualified under the membership requirements under the Credit Union’s field of membership) as a custodian and/or donor by depositing funds (or otherwise having funds deposited) as an irrevocable transfer to a minor. The minor to whom the transfer is made is the owner and beneficiary of the account. 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 deposits to, withdrawals from, or close the account. The custodian of the account is under a legal duty to distribute the property in the account to the beneficiary when the beneficiary attains 21 years of age. The Credit Union has no duty to inquire into the use or purpose of any transaction by the custodian or to require distributions from the account. The Credit Union has no duty to (i) determine if the person designated or acting as custodian has been duly designated, (ii) determine if an act of the custodian is in accordance with or authorized by the Texas Uniform Transfers to Minors Act, (iii) question the validity or propriety of any instrument or any instructions executed or given by a person acting as a donor or custodian, or (iv) oversee the application by a custodian of money or other property paid or delivered to the custodian. In the event of the custodian’s death, if a successor custodian is not otherwise designated in the Account Signature Card, 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.
Uniform Transfers to Minors Account. A Uniform Transfer to Minors Account (UTTMA) is an individual account established by a member as a custodian by depositing funds as an irrevocable gift to a minor. The minor to whom the transfer is made is the owner and beneficiary of the account. 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 deposits to, withdrawals from, or close the account. We have no duty to inquire about the use or purpose of any transaction by the custodian. In the event of the custodian’s death, we may place an administrative hold on the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal. Account ownership will revert solely to the minor when they attain the age of twenty-one (21) years old.
Uniform Transfers to Minors Account. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. 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 deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. Upon death, resignation, incapacity or removal of Custodian, the Successor Custodian will assume the role and responsibilities of the Custodian; we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal.
Uniform Transfers to Minors Account. An account established as a Uniform Transfers to Minors Account (UTMA) is an individual custodial account established by a member as a custodian on behalf of a minor (a person under eighteen (18) years of age or as otherwise indicated by applicable law). The custodian shall open the minor’s account in the name of the minor, include the minor’s social security number, and must sign his or her own name on the Membership Enrollment Application. The minor must be in The Summit’s field of membership. The custodian shall control and transact on 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 Summit will not be responsible for or inquire about the custodian's transactions on behalf of the minor. If a custodian resigns and appoints a successor custodian, The Summit will require the parties to sign a Membership Enrollment Application to reflect the change of authority. In the event of the custodian's death, The Summit 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.
Uniform Transfers to Minors Account. (“UTMA”). A UTMA is opened by an individual of legal age acting as custodian for a minor. The custodian agrees that funds placed in the account are the irrevocable property of the minor, who is entitled to the funds at age 21 or earlier if required by state law. Until that time, the custodian will control the funds and must abide by state law regarding such accounts, including responsibility for using the funds only for the minor and transferring control of the funds to the minor once he/she reaches age 21 (or earlier if required by state law). The custodian and successor custodians agree to indemnify us for all claims asserted by and/or on behalf of the minor and for our attorneys’ fees and costs. We are not required to ensure that a custodian complies with the law, including, without limitation, the proper use of the funds in the UTMA, but we shall have no liability to the custodian for requiring compliance or satisfactory evidence of compliance with state law. We may refuse to allow the custodian to convert a UTMA account to any other form of account. A UTMA may have only one custodian unless otherwise expressly permitted by state law.
