Hawaii Revised Statutes 554b. Uniform Custodial Trust Act

• 554b-1 Definitions.
  As used in this chapter: "Adult" means an individual who has attained the age of eighteen years. "Beneficiary" means an individual for whom property...
• 554b-2 Custodial Trust; General.
  (a) A person may create a custodial trust of property by transfer evidenced by registration or other written instrument of transfer to another in...
• 554b-3 Custodial Trustee for Future Payment or Transfer.
  A custodial trust may be created upon the occurrence of a future event. The person having the right to designate the recipient of property...
• 554b-4 Form and Effect of Receipt and Acceptance by Custodial Trustee, Jurisdiction.
  (a) The obligations of a custodial trustee, including the obligation to follow directions of the beneficiary pursuant to section 554B-7, arise under this chapter...
• 554b-5 Transfer to Custodial Trustee by Fiduciary or Obligor, Facility of Payment.
  (a) Unless controlled by an instrument designating a custodial trustee under section 554B-3, a person, including a fiduciary other than a custodial trustee, who...
• 554b-6 Multiple Beneficiaries, Separate Custodial Trusts, Survivorship.
  (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each...
• 554b-7 General Management Duties of Custodial Trustee.
  (a) A custodial trustee shall register or record the instrument transferring title to custodial trust property if appropriate. (b) In the management, control, investment,...
• 554b-8 General Powers of Custodial Trustee.
  (a) A custodial trustee, acting in a fiduciary capacity, has all the rights, powers, and authority over custodial trust property that an unmarried adult...
• 554b-9 Use of Custodial Trust Property.
  (a) The custodial trustee shall pay to the beneficiary or expend for the beneficiary's benefit so much or all of the custodial trust property...
• 554b-10 Determination of Incapacity, Proceeding and Effect.
  (a) A beneficiary is incapacitated for the purposes of this chapter and the custodial trustee shall administer and distribute the custodial trust as one...
• 554b-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...
• 554b-12 Liability to Third Persons.
  (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership...
• 554b-13 Declination, Resignation, Incapacity, Death, or Removal of Custodial Trustee; Designation of Successor Custodial Trustee.
  (a) A person designated as custodial trustee, before accepting the custodial trust property, may decline to serve by notifying the person who made the...
• 554b-14 Expenses, Compensation, and Bond of Custodial Trustee.
  Except as provided otherwise in the custodial trust instrument, in an agreement with the beneficiary, or by court order: (1) A custodial trustee is...
• 554b-15 Reporting and Accounting by Custodial Trustee; Determination of Liability of Custodial Trustee.
  (a) Upon the acceptance of the custodial trust property, a custodial trustee shall provide a written statement describing the custodial trust property and shall...
• 554b-16 Limitations of Action Against Custodial Trustee.
  (a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for...
• 554b-17 Termination and Distribution.
  (a) A custodial trust terminates on the custodial trustee's receipt of a signed written direction of the beneficiary, if not incapacitated within section 554B-10,...
• 554b-18 Implementation, Methods, and Forms for Creating Custodial Trusts.
  (a) If a transaction otherwise satisfies applicable law, (1) The execution and either delivery to the custodial trustee or recording of an instrument in...
• 554b-19 Applicable Law.
  (a) This chapter applies to a registration, transfer, or declaration that refers to this chapter as provided in section 554B-2 if, at the time...
• 554b-20 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...
• 554b-21 Short Title.
  This chapter may be cited as the Hawaii Uniform Custodial Trust Act. [L 1989, c 76, pt of §1]
• 554b-22 Severability.
  If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions...

Last modified: October 27, 2016