Custodian under a Uniform Gifts to Minors Act definition

Custodian under a Uniform Gifts to Minors Act means an account established pursuant to a state law which is substantially similar to the Uniform Gifts to Minors Act as published by the America Law Institute and with respect to which the bank operating such account has established to the satisfaction of the Secretary of the Treasury that it has duties and responsibilities similar to duties and responsibilities of a trustee or guardian.
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Custodian under a Uniform Gifts to Minors Act means a fiduciary relation- ship established pursuant to a state law substantially similar to the Uni- form Gifts to Minors Act or the Uni- form Transfers to Minors Act as pub- lished by the American Law Institute.
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Custodian under a Uniform Gifts to Minors Act means an account established under ss. 54.854 to 54.894, Stats., or a sub- stantially similar law of another state, and with respect to which the association operating the account has established to the satis- faction of the division that it has duties and responsibilities similar to the duties and responsibilities of a trustee or guardian.
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Examples of Custodian under a Uniform Gifts to Minors Act in a sentence

  • If the Trustee is authorized or required to distribute trust funds to a beneficiary who is then a minor, and the Trustee does not believe that an immediate distribution is in the beneficiary's best interests, it may instead distribute such property to any adult caring for the beneficiary or to the beneficiary's Guardian or Custodian under a Uniform Gifts to Minors Act or Uniform Transfers to Minors Act.

Related to Custodian under a Uniform Gifts to Minors Act

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