Common use of Uniform Transfers to Minors Accounts Clause in Contracts

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. 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 TUTMAis 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.