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

Uniform Transfers to Minors Act (UTMA) Accounts. A UTMA account is established as a Personal Account with the minor designated as the Primary Member on the Account. The Account is opened by the custodian (who is designated as the Authorized Signer on the Account at the time of account opening) with funds gifted to the minor and delivered to the custodian for the benefit of the minor under the Washington UTMA, as defined by, in accordance with, and to include all the provisions of the Washington UTMA (RCW 11.114 et seq.) as may be amended, amended and restated or otherwise modified from time to time. The custodian or any acting successor custodian named on the Account controls the funds in the Account for the exclusive use and benefit of the minor and is the only party entitled to make withdrawals from or to close the Account unless otherwise directed by the court. In the event of the death, resignation, or incapacity of the custodian or any acting successor custodian, we may place a hold on the Account until a successor custodian is lawfully appointed or we receive instructions to withdraw funds from any person authorized by law or order of the court authorizing such withdrawal. We are not required to change the Account status when the minor reaches the age of majority unless the custodian or the court authorizes us to do so in writing, or upon proof that the custodian and all named successor custodians are deceased, resigned, or are otherwise incapacitated. We have not provided you with any tax advice regarding this Account, and you are advised to see a qualified tax adviser on the tax treatment of this Account.