Common use of Uniform Transfers to Minors Act Accounts Clause in Contracts

Uniform Transfers to Minors Act Accounts. Uniform Transfers to Minors Act (UTMA) accounts are governed by the provisions of the North Carolina Uniform Transfers to Minors Act, Chapter 33A of the North Carolina General Statutes. Transfers to minors under the UTMA are irrevocable gifts to the minors. The account signature form designates a custodian who will have the authority to make withdrawals, obtain information, and otherwise manage the account. The custodian will not have any ownership rights or interests in the account. The custodian may also designate a successor custodian who may act in the event the custodian dies, resigns or becomes incapacitated. We may limit certain withdrawals and transfers from UTMA accounts. For example, you may not be able to complete point of sale debits or ATM withdrawals. The custodian must notify us in writing immediately upon the occurrence of any of the following events: the death of the minor; the termination of the custodianship; the appointment of a successor custodian; or if the custodian’s authority has otherwise been terminated. Before we receive such notice, we may honor any checks or other items drawn on the account without incurring any liability to the minor or any third party. The custodian will be liable to us for any loss or expense we incur because of the custodian’s failure to provide prompt notice. Personal Agency Accounts Personal agency accounts are governed by North Carolina General Statutes §54-109.63. The agent named on the account may sign checks, withdraw funds, make deposits and obtain account information. A personal agent has no ownership rights or interest in the account. If an owner of the account becomes incapacitated or mentally incompetent, you agree that the agent will have the authority to continue acting on behalf of the owners. The personal agent’s authority ends upon the death of the last owner and the money remaining in the account will be released to POD beneficiaries or controlled by the will or inherited by the heirs of the last account owner to die.

Uniform Transfers to Minors Act Accounts. Uniform Transfers to Minors Act (UTMA) accounts are governed by the provisions of the North Carolina Uniform Transfers to Minors Act, Chapter 33A of the North Carolina General Statutes. Transfers to minors under the UTMA are irrevocable gifts to the minors. The account signature form designates a custodian who will have has the authority to make withdrawals, obtain information, and otherwise manage the account. The custodian will does not have any ownership rights or interests in the account. The custodian may also designate a successor custodian who may act in the event the custodian dies, resigns resigns, or becomes incapacitated. We may limit certain withdrawals and transfers from UTMA accounts. For example, you the custodian may not be able to complete point of sale debits or ATM withdrawals. The custodian must notify us in writing immediately upon the occurrence of any of the following events: the death of the minor; the termination of the custodianship; the appointment of a successor custodian; or if the custodian’s authority has otherwise been terminated. Before we receive such notice, we may honor any checks or other items drawn on the account without incurring any liability to the minor or any third party. The custodian will be liable to us for any loss or expense we incur because of the custodian’s failure to provide prompt notice. Personal Agency Accounts Personal agency accounts are governed by North Carolina General Statutes §§ 54-109.63. The agent named on the account may sign checks, withdraw funds, make deposits deposits, and obtain account information. A personal agent has no ownership rights or interest in the account. If an owner of the account becomes incapacitated or mentally incompetent, you agree that the agent will have the authority to continue acting on behalf of the owners. The personal agent’s authority ends upon the death of the last owner and the money remaining in the account will either be released to POD beneficiaries or controlled by the will or inherited by the heirs of the last account owner to die.

Uniform Transfers to Minors Act Accounts. Uniform Transfers to Minors Act (UTMA) accounts are governed by the provisions of the North Carolina Uniform Transfers to Minors Act, Chapter 33A of the North Carolina General Statutes. Transfers to minors under the UTMA are irrevocable gifts to the minors. The account signature form designates a custodian who will have the authority to make withdrawals, obtain information, and otherwise manage the account. The custodian will not have any ownership rights or interests in the account. The custodian may also designate a successor custodian who may act in the event the custodian dies, resigns or becomes incapacitated. We may limit certain withdrawals and transfers from UTMA accounts. For example, you may not be able to complete point of sale debits or ATM withdrawals. The custodian must notify us in writing immediately upon the occurrence of any of the following events: the death of the minor; the termination of the custodianship; the appointment of a successor custodian; or if the custodian’s authority has otherwise been terminated. Before we receive such notice, we may honor any checks or other items drawn on the account without incurring any liability to the minor or any third party. The custodian will be liable to us for any loss or expense we incur because of the custodian’s failure to provide prompt notice. Personal Agency Accounts Personal agency accounts are governed by North Carolina General Statutes §§ 54-109.63. The agent named on the account may sign checks, withdraw funds, make deposits and obtain account information. A personal agent has no ownership rights or interest in the account. If an owner of the account becomes incapacitated or mentally incompetent, you agree that the agent will have the authority to continue acting on behalf of the owners. The personal agent’s authority ends upon the death of the last owner and the money remaining in the account will be released to POD beneficiaries or controlled by the will or inherited by the heirs of the last account owner to die.