Common use of Uniform Transfers to Minors Account Clause in Contracts

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.