Uniform Transfers to Minors Accounts. At our option, we may accept deposits in Accounts established by a custodian under the Texas Uniform Transfers to Minors Act (TUTMA). A TUTMA Account is owned by the minor, and amounts deposited into the Account constitute an irrevocable gift to that minor. The custodian named is the sole Party entitled to access the Account for the minor's benefit. We have 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.
Uniform Transfers to Minors Accounts. At our option, we may accept deposits in accounts established by a custodian under the Texas Uniform Transfers to Minors Act (TUTMA). A TUTMA is owned by the minor and amounts deposited into the account constitute an irrevocable transfer to that minor. The custodian named is the sole Party entitled to access the account for the minor’s benefit. A minor under TUTMA is any person under the age of 21. The Credit Union has no duty (a) to determine if the person designated or acting as custodian has been duly designated, (b) to determine if an act of the custodian is in accordance with or authorized by the Texas Uniform Transfers to Minors Act, (c) to question the validity or propriety of any instrument or any instructions executed or given by a person acting as a donor or custodian or (d) to oversee the application by a custodian of money or other property paid or delivered to the custodian.
Uniform Transfers to Minors Accounts. If you have indicated in the Application that an Account is established under the Texas Uniform Transfer to Minors Act (“TUTMA”), the Party signing any such Application shall be a custodian, and the Accounts will be established by such custodian under the Texas Uniform Transfers to Minors Act for the benefit of the minor named. A TUTMA Account is owned by the minor, and amounts deposited into the Account constitute an irrevocable gift to that minor. The custodian named is the sole Party entitled to access the Account for the minor’s benefit. 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 instructions executed or given by a person acting as a donor or custodian, or
Uniform Transfers to Minors Accounts. An account created under the Uniform Transfers to Minors Act (UTMA) is one that is opened when an irrevocable gift has been made to a custodian over the age of 18 for the benefit and on behalf of a minor. The minor does not have access to the account until he or she reaches age 21 (or age 18, depending on how the gift was made). The custodian alone—unless there is a court order that says otherwise—makes deposits, withdrawals, transfers, and other decisions about how the account is managed. We are not required to ask the custodian 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 or transfer funds or a court order authorizing withdrawal or transfer. You may wish to consult your tax advisor or attorney before opening a UTMA account.
Uniform Transfers to Minors Accounts. At our option, we may issue shares and accept deposits in Accounts established by a custodian under the Texas Uniform Transfers to Minors Act (TUTMA).A TUTMA Account is owned by the minor, and amounts deposited into the Account constitute an irrevocable gift to that minor.The custodian named is the sole Party entitled to access the Account for the minor’s benefit.We have 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,
Uniform Transfers to Minors Accounts. A Uniform Transfers to Minors account, also known as a Custodial account, is an individual account established by a member as a custodian on behalf of a minor (a person under twenty-one [21] years of age). This type of account requires the minor to have a separate membership account in his/her name and social security number. If the minor is not able to sign, a parent or legal guardian must sign for the minor. After the minor’s membership account is established, the custodian can then open the Custodial account in the name of the minor, include the minor’s SSN, and sign his or her own name on the signature card as custodian of the account. The custodian is the owner of the account for the exclusive right and beneft of the minor, and barring a court order otherwise, is the only party entitled to make deposits to, withdrawals from, or close the account. In the event of the custodian’s death, when no successor custodian has been named, the Credit Union may place an administrative hold on the account, until it receives a court order naming a new custodian.
Uniform Transfers to Minors Accounts. Under state law, we are permitted to open an account by which an individual of legal age acting as custodian makes deposits to the account for the benefit of a minor. Funds placed in the account become the irrevocable property of the minor, who is entitled to the funds at age 21. Until that time, the custodian w ill control the funds and must abide by state law regarding such accounts, including responsibility for transferring control of t he funds to the minor once he/she reaches age 21.
Uniform Transfers to Minors Accounts. Under the Oklahoma Uniform Transfers to Minors Act, you as a custodian, may open an account for an individual child. Once the account is established, the funds in the account become an irrevocable gift to the minor. The minor is entitled to the funds at age eighteen (18). You, as the custodian, a successor or substitute custodian may be appointed in accordance with Section 1219 of the Oklahoma Uniform Transfers to Minors Act. All accounts previously established under the Oklahoma Uniform Gift to Minors Act are valid but are now subject to the provisions of the Oklahoma Uniform Transfers to Minors Act effective November 1, 1986.
