Sec. 45a-557. Short title: Connecticut Uniform Transfers to Minors Act.
Sec. 45a-557b. Scope and jurisdiction.
Sec. 45a-558. Nomination of custodian.
Sec. 45a-558a. Transfer by gift or exercise of power.
Sec. 45a-558b. Transfer authorized by will or trust.
Sec. 45a-558c. Other transfer by fiduciary.
Sec. 45a-558d. Transfer by obligor.
Sec. 45a-558e. Receipt for custodial property.
Sec. 45a-558g. Single guardianship.
Sec. 45a-558h. Validity and effect of transfer.
Sec. 45a-558i. Care and control of custodial property.
Sec. 45a-558j. Powers of custodian.
Sec. 45a-558k. Use of custodial property. Distribution to a trust.
Sec. 45a-559. Custodian's expenses, compensation and bond.
Sec. 45a-559a. Exemption of third party from liability.
Sec. 45a-559b. Liability to third persons.
Sec. 45a-559d. Accounting by and determination of liability of custodian.
Sec. 45a-559e. Termination of custodianship.
Sec. 45a-560a. Effect on existing custodianships.
Sec. 45a-560b. Uniformity of application and construction.
Sec. 45a-561. Reserved
Secs. 45a-546 to 45a-556. (Formerly Secs. 45-101 to 45-109b). Definitions. Methods of making gifts. Gift, devise or bequest to be irrevocable. Rights and powers granted custodian, issuers, transfer agents, brokers. Powers and duties of custodian. Reimbursement of custodian. Responsibility of issuer, transfer agent, bank, life insurance company, savings and loan association, credit union, broker or other person. Successor custodian. Registration of custodian. Petition for accounting. Construction. Not exclusive method of gift. Prior gifts of interests in real property. Custodial property held in custodianship which terminates after December 31, 1972, and before October 1, 1980. Sections 45a-546 to 45a-556, inclusive, are repealed.
(1955, S. 2917d–2924d; 1957, P.A. 619, S. 1–9; 1961, P.A. 504; 1963, P.A. 283, S. 1–3, 5; February, 1965, P.A. 455, S. 1–7; 1967, P.A. 125; 144, S. 1–5; 833, S. 1–3; 1971, P.A. 133, S. 1–4; 1972, P.A. 127, S. 69–72; P.A. 75-124, S. 1, 2; P.A. 77-614, S. 139, 610; P.A. 78-121, S. 76, 113; 78-198, S. 1–4, 6; P.A. 79-631, S. 39, 111; P.A. 80-410, S. 14–20; P.A. 81-25, S. 1, 2; 81-396, S. 6; P.A. 86-264, S. 12–15; P.A. 88-65, S. 39; P.A. 95-117, S. 28.)
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Sec. 45a-557. Short title: Connecticut Uniform Transfers to Minors Act. Sections 45a-557 to 45a-560b, inclusive, may be cited as the “Connecticut Uniform Transfers to Minors Act”.
(P.A. 95-117, S. 1.)
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Sec. 45a-557a. Definitions. For purposes of sections 45a-557 to 45a-560b, inclusive:
(1) “Adult” means an individual who has attained the age of twenty-one years.
(2) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.
(3) “Court” means Probate Court.
(4) “Custodial property” means (A) any interest in property transferred to a custodian under sections 45a-557 to 45a-560b, inclusive, and (B) the income from and proceeds of that interest in property.
(5) “Custodian” means a person so designated under section 45a-558f or a successor or substitute custodian designated under section 45a-559c.
(6) “Financial institution” means a bank, trust company, a savings institution or credit union, chartered and supervised under state or federal law.
(7) “Guardian” means a person appointed or qualified by a court to act as guardian of a minor's estate or a person legally authorized to perform substantially the same functions.
(8) “Legal representative” means any court appointed fiduciary, including, but not limited to, a guardian, conservator, executor or administrator. A legal representative does not include a guardian ad litem.
(9) “Member of the minor's family” means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of whole or half blood or by adoption.
(10) “Minor” means an individual who has not attained the age of twenty-one years.
(11) “Person” means an individual, corporation, organization or other legal entity.
(12) “Personal representative” means an executor, administrator, successor personal representative or temporary administrator of a decedent's estate or person legally authorized to perform substantially the same functions.
(13) “State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or possession subject to the legislative authority of the United States.
(14) “Transfer” means a transaction that creates custodial property under section 45a-558f.
(15) “Transferor” means a person who makes a transfer under sections 45a-557 to 45a-560b, inclusive.
(16) “Trust company” means a financial institution, corporation or other legal entity authorized to exercise general trust powers.
(P.A. 95-117, S. 2.)
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Sec. 45a-557b. Scope and jurisdiction. (a) Sections 45a-557 to 45a-560b, inclusive, apply to a transfer that refers to said sections in the designation under subsection (a) of section 45a-558f by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. Courts of probate in any district in which the transferor, the minor or the custodian is resident, or in which the custodial property is located shall have jurisdiction of any disputes or matters involving custodianship under sections 45a-557 to 45a-560b, inclusive. The custodianship so created remains subject to said sections and to such probate court jurisdiction despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state.
(b) A person designated as custodian under sections 45a-557 to 45a-560b, inclusive, is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.
(c) A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act, of another state is governed by the law of the state designated in the instrument of transfer and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor or the custodian is a resident of the designated state or the custodial property is located in the designated state.
(P.A. 95-117, S. 3.)
Subsec. (a):
Superior Court found to have subject matter jurisdiction in case that involved custodial accounts and arose in the context of the dissolution of a marriage. 56 CA 492.
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Sec. 45a-558. Nomination of custodian. (a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”. The nomination may name one or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights.
(b) A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under subsection (a) of section 45a-558f.
(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section 45a-558f. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to section 45a-558f.
(P.A. 95-117, S. 4.)
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Sec. 45a-558a. Transfer by gift or exercise of power. A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 45a-558f.
(P.A. 95-117, S. 5.)
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Sec. 45a-558b. Transfer authorized by will or trust. (a) A personal representative or trustee may make an irrevocable transfer pursuant to section 45a-558f to a custodian for the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settlor has nominated a custodian under section 45a-558 to receive the custodial property, the transfer shall be made to that person.
(c) If the testator or settlor has not nominated a custodian under section 45a-558, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection (a) of section 45a-558f.
(P.A. 95-117, S. 6.)
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Sec. 45a-558c. Other transfer by fiduciary. (a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 45a-558f, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(b) Subject to subsection (c) of this section, a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 45a-558f.
(c) A transfer under subsection (a) or (b) of this section may be made only if (1) the personal representative, trustee or guardian considers the transfer to be in the best interest of the minor, (2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument, and (3) the transfer is authorized by the court if it exceeds five thousand dollars in value.
(d) For purposes of this section, a series of transfers shall be aggregated so that the five-thousand-dollar threshold for court approval cannot be circumvented.
(P.A. 95-117, S. 7.)
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Sec. 45a-558d. Transfer by obligor. (a) Subject to subsections (b) and (c) of this section, a person not subject to section 45a-558b or 45a-558c who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 45a-558f.
(b) If a person having the right to do so under section 45a-558 has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.
(c) If no custodian has been nominated under section 45a-558, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds five thousand dollars in value, in which case Probate Court approval is required. For purposes of this subsection, a series of transfers shall be aggregated so that the five-thousand-dollar threshold for court approval cannot be circumvented.
(d) This section does not authorize a guardian, existing custodian or custodian to whom an obligor makes a transfer under this section to settle, release or compromise a claim of the minor or a debt owed to the minor.
(P.A. 95-117, S. 8.)
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Sec. 45a-558e. Receipt for custodial property. A written acknowledgment of delivery by a custodian constitutes a sufficient release and discharge for custodial property transferred to the custodian pursuant to sections 45a-557 to 45a-560b, inclusive.
(P.A. 95-117, S. 9.)
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Sec. 45a-558f. Creation and transfer of custodial property. Designation of initial custodian. Control. (a) Custodial property is created and a transfer is made whenever:
(1) An uncertificated security or a certificated security in registered form is either: (A) Registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”; or (B) delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (b) of this section;
(2) Money is paid or delivered, or a security held in the name of a broker, financial institution or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”;
(3) The ownership of a life or endowment insurance policy or annuity contract is either: (A) Registered with the issuer in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”; or (B) assigned in writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”;
(4) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer or other obligor that the right is transferred to the transferor, an adult other than the transferor or a trust company, whose name in the notification is followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”;
(5) An interest in real property is recorded in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”;
(6) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either: (A) Issued in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”; or (B) delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: “as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”; or
(7) An interest in any property not described in subdivisions (1) to (6), inclusive, of this subsection is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subsection (b) of this section.
(b) An instrument in the following form satisfies the requirements of subparagraph (B) of subdivision (1) of subsection (a) of this section and subdivision (7) of subsection (a) of this section:
“TRANSFER UNDER THE CONNECTICUT
UNIFORM TRANSFERS TO MINORS ACT
I, .... (name of transferor or name and representative capacity if a fiduciary) hereby transfer to .... (name of custodian), as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act, the following: (Insert a description of the custodial property sufficient to identify it.)
Dated:
....
.... (Signature)
.... (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Connecticut Uniform Transfers to Minors Act.
Dated:
....
.... (Signature of Custodian)”
(c) A transferor shall place the custodian in control of the custodial property as soon as practicable.
(P.A. 95-117, S. 10.)
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Sec. 45a-558g. Single guardianship. A transfer may be made for only one minor, and only one person may be the custodian. All custodial property held under sections 45a-557 to 45a-560b, inclusive, by the same custodian for the benefit of the same minor constitutes a single custodianship.
(P.A. 95-117, S. 11.)
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Sec. 45a-558h. Validity and effect of transfer. (a) The validity of a transfer made in a manner prescribed in sections 45a-557 to 45a-560b, inclusive, is not affected by: (1) Failure of the transferor to comply with subsection (c) of section 45a-558f concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under subsection (a) of section 45a-558f; or (3) death or incapacity of a person nominated under section 45a-558 or designated under section 45a-558f as custodian or the disclaimer of the office by that person.
(b) A transfer made pursuant to section 45a-558f is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in sections 45a-557 to 45a-560b, inclusive, and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in sections 45a-557 to 45a-560b, inclusive.
(c) By making a transfer, the transferor incorporates in the disposition all the provisions of sections 45a-557 to 45a-560b, inclusive, and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in sections 45a-557 to 45a-560b, inclusive.
(P.A. 95-117, S. 12.)
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Sec. 45a-558i. Care and control of custodial property. (a) A custodian shall: (1) Take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest and reinvest custodial property.
(b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person of discretion and intelligence who is seeking a reasonable income and the preservation of such person's capital. The custodian shall not be limited by any other statute restricting investments by fiduciaries. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.
(c) A custodian may invest in or pay premiums on life insurance or endowment policies on (1) the life of the minor only if the minor or the minor's estate is the sole beneficiary, or (2) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate or the custodian in the capacity of custodian, is the owner of the policy.
(d) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: “as a custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act”.
(e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by any parent or legal representative of the minor or by the minor if the minor has attained the age of twelve years.
(P.A. 95-117, S. 13.)
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Sec. 45a-558j. Powers of custodian. (a) A custodian, acting in a custodial capacity, has all the rights, powers and authority over custodial property that unmarried adult owners have over their own property including, to the extent applicable and consistent with sections 45a-557 to 45a-560b, inclusive, powers pursuant to section 45a-234, but a custodian may exercise those rights, powers and authority in that custodian's fiduciary capacity only.
(b) This section does not relieve a custodian from liability for breach of the provisions of section 45a-558i.
(P.A. 95-117, S. 14.)
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Sec. 45a-558k. Use of custodial property. Distribution to a trust. (a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (1) the duty or ability of the custodian personally or of any other person to support the minor, or (2) any other income or property of the minor which may be applicable or available for that purpose.
(b) A custodian may distribute all or part of the custodial property to a trust, including a trust created by the custodian, at any time and without court order, provided: (1) The custodian has a good faith belief that such distribution of all or part of the custodial property to a trust is in the best interest of the minor; (2) the minor is the sole beneficiary of the trust during the minor's lifetime; (3) the trust satisfies the requirements of Section 2503(c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, and the regulations implementing said section; and (4) if the terms of the trust grant to the minor a right to withdraw the trust assets upon the minor's attainment of twenty-one years of age, (A) such terms shall also grant to the minor a right to withdraw any remaining trust assets upon the minor's attainment of twenty-five years of age, (B) the trustee shall notify the minor in writing, by certified mail or similar means of delivery, of such right to withdraw (i) on or before the minor's attainment of twenty-one years of age, and (ii) if there are any remaining trust assets thereafter, on or before the minor's attainment of twenty-five years of age, and (C) the time period during which such withdrawal may be made shall not be less than thirty days from the date the minor attains the applicable age specified in subparagraph (B) of this subdivision or the date the minor receives the applicable notification required by said subparagraph, whichever date is later. Any such right to withdraw shall not lapse if the applicable notification required by subparagraph (B) of subdivision (4) of this subsection is not received by the minor. Any distribution to a trust pursuant to this subsection terminates the custodianship to the extent of the custodial property so distributed. The provisions of this subsection shall apply to any custodianship under sections 45a-557 to 45a-560b, inclusive, in existence on or after October 1, 2007.
(c) On petition of an interested person or the minor if the minor has attained the age of twelve years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.
(d) A delivery, payment, expenditure or distribution under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.
(P.A. 95-117, S. 15; P.A. 07-169, S. 1.)
History: P.A. 07-169 added new Subsec. (b) re distribution of custodial property to a trust, redesignated existing Subsecs. (b) and (c) as Subsecs. (c) and (d) and added reference to distribution in Subsec. (d).
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Sec. 45a-559. Custodian's expenses, compensation and bond. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.
(b) Except for one who is a transferor under section 45a-558a, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.
(c) Except as provided in subsection (f) of section 45a-559c, a custodian need not give a bond.
(P.A. 95-117, S. 16.)
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Sec. 45a-559a. Exemption of third party from liability. A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: (1) The validity of the purported custodian's designation; (2) the propriety of, or the authority under sections 45a-557 to 45a-560b, inclusive, for, any act of the purported custodian; (3) the validity or propriety under sections 45a-557 to 45a-560b, inclusive, of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or (4) the propriety of the application of any property of the minor delivered to the purported custodian.
(P.A. 95-117, S. 17.)
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Sec. 45a-559b. Liability to third persons. (a) A claim based on (1) a contract entered into by a custodian acting in a custodial capacity, (2) an obligation arising from the ownership or control of custodial property, or (3) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor.
(b) A custodian is not personally liable: (1) On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or (2) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
(c) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
(P.A. 95-117, S. 18.)
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Sec. 45a-559c. Renunciation, resignation, death or removal of custodian. Designation of successor custodian. (a) A person nominated under section 45a-558 or designated under section 45a-558f as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing and eligible to serve was nominated under section 45a-558, the person who made the nomination may nominate a substitute custodian under section 45a-558; otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under subsection (a) of section 45a-558f. The custodian so designated has the rights of a successor custodian.
(b) A custodian at any time may designate a trust company or an adult other than a transferor under section 45a-558a as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated or is removed.
(c) A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of twelve years and to the successor custodian and by delivering the custodial property to the successor custodian.
(d) If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the minor has attained the age of twelve years, the minor may designate as successor custodian, in the manner prescribed in subsection (b) of this section, an adult member of the minor's family, a guardian of the minor or a trust company. If the minor has not attained the age of twelve years or fails to act within sixty days after the ineligibility, death or incapacity, the guardian of the minor becomes successor custodian. If the minor has no guardian or the guardian declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family or any other interested person may petition the court to designate a successor custodian.
(e) A custodian who declines to serve under subsection (a) of this section or resigns under subsection (c) of this section, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action in a probate court may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
(f) A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the person of the minor, the guardian of the minor or the minor if the minor has attained the age of twelve years may petition the court to remove the custodian under section 45a-242 and to designate a successor custodian other than a transferor under section 45a-558a or to require the custodian to give appropriate bond.
(P.A. 95-117, S. 19.)
Placing the burden of proof on the party who seeks the removal of the custodian of a Connecticut Uniform Transfers to Minors Act account is consistent with the rule that removal is an extraordinary remedy, and the court improperly placed the burden of proof on the plaintiff custodian. 207 CA 433.
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Sec. 45a-559d. Accounting by and determination of liability of custodian. (a) A minor who has attained the age of twelve years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor or a transferor's legal representative may petition the court (1) for an accounting by the custodian or the custodian's legal representative, or (2) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under section 45a-559b to which the minor or the minor's legal representative was a party.
(b) A successor custodian may petition the court for an accounting by the predecessor custodian.
(c) The court, in a proceeding under sections 45a-557 to 45a-560b, inclusive, or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
(d) If a custodian is removed under subsection (f) of section 45a-559c, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
(P.A. 95-117, S. 20.)
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Sec. 45a-559e. Termination of custodianship. The custodian shall transfer in an appropriate manner the custodial property to the minor, the legal representative of the minor or the personal representative of the minor's estate upon the earlier of (1) the minor's attainment of twenty-one years of age, or (2) the minor's death, unless a prior distribution of the custodial property has been made pursuant to subsection (b) of section 45a-558k.
(P.A. 95-117, S. 21; P.A. 07-169, S. 2.)
History: P.A. 07-169 added provision re distribution pursuant to Sec. 45a-558k(b) in Subdiv. (2).
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Sec. 45a-560. Applicability. The provisions of sections 45a-557 to 45a-560b, inclusive, shall apply to a transfer within the scope of section 45a-557b made after October 1, 1995, if: (1) The transfer purports to have been made under the Connecticut Uniform Gifts to Minors Act, sections 45a-546 to 45a-556, inclusive, revision of 1958, revised to January 1, 1995; or (2) the instrument by which the transfer purports to have been made uses in substance the designation “as custodian under the Uniform Gifts to Minors Act” or “as custodian under the Uniform Transfers to Minors Act” of any other state, and the application of sections 45a-557 to 45a-560b, inclusive, is necessary to validate the transfer.
(P.A. 95-117, S. 22.)
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Sec. 45a-560a. Effect on existing custodianships. (a) Any transfer of custodial property as defined in sections 45a-557 to 45a-560b, inclusive, made before October 1, 1995, is validated notwithstanding that there was no specific authority in the Connecticut Uniform Gifts to Minors Act, sections 45a-546 to 45a-556, inclusive, revision of 1958, revised to January 1, 1995, for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(b) The provisions of sections 45a-557 to 45a-560b, inclusive, shall apply to all transfers made before October 1, 1995, in a manner and form prescribed in the Connecticut Uniform Gifts to Minors Act, sections 45a-546 to 45a-556, inclusive, revision of 1958, revised to January 1, 1995, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on October 1, 1995.
(P.A. 95-117, S. 23.)
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Sec. 45a-560b. Uniformity of application and construction. Sections 45a-557 to 45a-560b, inclusive, shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of sections 45a-557 to 45a-560b, inclusive, among states enacting them.
(P.A. 95-117, S. 24.)
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Sec. 45a-561. Reserved for future use.
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