Code of Alabama - Title 35: Property - Chapter 5A - Uniform Transfers to Minors Act

• Section 35-5A-1 Short title
  This chapter may be cited as the "Alabama Uniform Transfers to Minors Act."
• Section 35-5A-2 Definitions
  As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ADULT. An individual who...
• Section 35-5A-3 Transfers and custodians to which chapter applicable; personal jurisdiction over custodian; transfers made under law of another state
  (a) This chapter applies to a transfer that refers to this chapter in the designation under section 35-5A-10(a) by which the transfer is made if...
• Section 35-5A-4 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...
• Section 35-5A-5 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...
• Section 35-5A-6 Transfer by will or trust
  (a) A personal representative or trustee may make an irrevocable transfer pursuant to Section 35-5A-10 to a custodian for the benefit of a minor as...
• Section 35-5A-7 Other transfer by fiduciary
  (a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the...
• Section 35-5A-8 Transfer by obligor
  (a) Subject to subsections (b) and (c), a person not subject to Section 35-5A-6 or 35-5A-7 who holds property of or owes a liquidated debt...
• Section 35-5A-9 Receipt and discharge for transfer of 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....
• Section 35-5A-10 Manner of creating custodial property and effecting transfer; form of transfer; control of custodial property
  (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....
• Section 35-5A-11 Transfer to be for one minor; only one custodian; single custodianship
  A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by...
• Section 35-5A-12 Validity of transfer; interest conveyed; rights of custodian and minor as to property transferred; provisions of chapter incorporated in transfer; transfer does not authorize settlement or release of claims
  (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...
• Section 35-5A-13 Powers and duties of custodian as to custodial property generally
  (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,...
• Section 35-5A-14 Custodian has rights and powers that unmarried adult would have as to property
  (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...
• Section 35-5A-15 Delivery, payment, or expenditure of custodial property for benefit of minor
  (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...
• Section 35-5A-16 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...
• Section 35-5A-17 Exemption of third person from liability for good faith dealings with custodian
  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...
• Section 35-5A-18 Claims against custodial property; personal liability of custodian and minor
  (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...
• Section 35-5A-19 Renunciation, resignation, death or removal of custodian; designation of successor custodian
  (a) A person nominated under section 35-5A-4 or designated under section 35-5A-10 as custodian may decline to serve by delivering a valid disclaimer to the...
• Section 35-5A-20 Accounting by and determining of liability of custodian
  (a) A minor who has attained the age of 14 years, the minor's guardian of the person or legal representative, an adult member of the...
• Section 35-5A-21 Termination of custodianship upon minor's reaching age 21 or age of majority or upon minor's death
  The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of: (1) The...
• Section 35-5A-22 Applicability of chapter
  This chapter applies to a transfer within the scope of section 35-5A-3 made after October 1, 1986, if: (1) The transfer purports to have been...
• Section 35-5A-23 Transfers made before and custodianships existing on October 1, 1986; property held in custodianship which terminated between July 22, 1975, and October 1, 1986, when minor attained age 19
  (a) Any transfer of custodial property as now defined in this chapter made before October 1, 1986, is validated notwithstanding that there was no specific...
• Section 35-5A-24 Uniformity of application and construction
  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: May 3, 2021