Uniform Transfers to Minors Act. Uniform Gifts to Minors Act account
Uniform Transfers to Minors Act. If you open an account for a minor under the New York Uniform Transfers to Minors Act, although you, as custodian, control the account, 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.
Uniform Transfers to Minors Act. “UTMA”) If you have opened the account as custodian under the Connecticut Uniform Transfers to Minors Act, your rights and duties are governed by that Act. You must include the minor’s social security number on the signature card. You will not be allowed to pledge the account as collateral for a secured loan.
Uniform Transfers to Minors Act. A Uniform Transfers to Minors Act (UTMA) Account 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.
