Code of Virginia - Title 31 Guardian And Ward - Chapter 6 Virginia Uniform Transfers To Minors Act

• 31-37 Definitions
  In this chapter, unless the context otherwise requires: "Adult" means an individual who attained the age of eighteen years. "Benefit plan" means an employer's plan ...
• 31-38 Scope and jurisdiction
  This chapter applies to any transfer that refers to the Uniform Transfers to Minors Act or this chapter in the designation under subsection A of ...
• 31-39 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 Virginia 
   Uniform Transfers to
   Minors Act." The nomination may name one or more persons as substitute
   custodians to whom the property must 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 must be ...
• 31-40 Transfer by gift or exercise of power of appointment
  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 ...
• 31-41 Transfer authorized by will or trust
  A personal representative or trustee may make an irrevocable transfer pursuant to § 31-45 to a custodian for the benefit of a minor as authorized ...
• 31-42 Other transfer by fiduciary
  A. Subject to subsection C, a personal representative or trustee may make an irrevocable transfer to an adult or trust company as custodian for the ...
• 31-43 Transfer by obligor
  A. Subject to subsections B and C, a person not subject to § 31-41 or who holds property of or owes a liquidated debt to ...
• 31-44 Receipt for custodial property
  A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter. ...
• 31-45 Manner of creating custodial property and effecting transfer; designation of initial custodian; con...
  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. ...
• 31-46 Single and joint custodians
  A transfer may be made only for one minor, and up to two persons may be joint custodians. All custodial property held under this chapter ...
• 31-47 Validity and effect of transfer
  A. The validity of a transfer made in a manner prescribed in this chapter is not affected by: 1. Failure of the transferor to comply ...
• 31-48 Care of custodial property; duties of custodian
  A. A custodian shall take control of custodial property, register or record title to custodial property, if appropriate, and collect, hold, manage, invest, and reinvest ...
• 31-49 Powers of custodian
  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 ...
• 31-50 Use of custodial property
  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 ...
• 31-51 Custodian's expenses, compensation, and bond
  A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. A custodian, other than one ...
• 31-52 Exemption of third person from liability
  A third person may act in good faith and without court order on the instruction of or otherwise deal with any person purporting to make ...
• 31-53 Liability to third persons
  A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or ...
• 31-54 Renunciation, resignation, death, or removal of custodian; designation of successor custodia...
  A. A person nominated under § 31-39 or designated under § 31-45 as custodian may decline to serve by delivering written notice to the person ...
• 31-55 Accounting by and determination of liability of custodian
  A. 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 ...
• 31-56 Termination of custodianship
  The custodian shall transfer the custodial property to the minor or to the minor's estate in an appropriate manner upon the earlier of: 1. The ...
• 31-57 Applicability
  This chapter applies to a transfer within the scope of § 31-38 made after July 1, 1988, if: 1. The transfer purports to have been ...
• 31-58 Effect on existing custodianships
  A. Any transfer of custodial property as now defined in this chapter made before July 1, 1988, is validated notwithstanding that there was no specific ...
• 31-59 Uniformity of application and construction; short title
  This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter ...

Last modified: April 3, 2009