Code of Virginia - Title 55 Property And Conveyances - Chapter 2.1 Uniform Custodial Trust Act

55-34.1 Definitions
As used in this chapter: "Adult" means an individual who is at least eighteen years of age. "Beneficiary" means an individual for whom property has ...

55-34.2 Custodial trust; creation and termination; general provisions
A. A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration if the ...

55-34.3 Custodial trustee for future payment or transfer
A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the ...

55-34.4 Form and effect of receipt and acceptance by custodial trustee; jurisdiction
Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee's acceptance, express or ...

55-34.5 Transfer to custodial trustee by fiduciary or obligor; facility of payment
A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 55-34.3, a person, including a fiduciary other than a custodial trustee, ...

55-34.6 Multiple beneficiaries; separate custodial trusts; survivorship
Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests, for each beneficiary. Except ...

55-34.7 General duties of custodial trustee
If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. If the beneficiary is not incapacitated, a custodial ...

55-34.8 General powers of custodial trustee
A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over ...

55-34.9 Use of custodial trust property
A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property ...

55-34.10 Determination of incapacity; effect
The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under § 55-34.5, (ii) the ...

55-34.11 Exemption of third person from liability
A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make ...

55-34.12 Liability to third person; exceptions
A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control ...

55-34.13 Declination, resignation, incapacity, death, or removal of custodial trustee; designation of succes...
Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the ...

55-34.14 Expenses, compensation, and bond of custodial trustee
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee: 1. ...

55-34.15 Reporting and accounting by custodial trustee; determination of liability
Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a ...

55-34.16 Limitations of action against custodial trustee
Except as otherwise provided in this section, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting ...

55-34.17 Distribution on termination
Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property as follows: 1. To the beneficiary, if not incapacitated ...

55-34.18 Methods and forms for creating custodial trusts
A. If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of § 55-34.2 ...

55-34.19 Applicable law
This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or ...