Illinois Compiled Statutes 760 Trusts and Fiduciaries: Article -

• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 1
  Short title. This Act shall be known and may be cited as the "Illinois Uniform Transfers to Minors Act". (Source: P.A. 84-915.)
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 2
  Definitions. In this Act: (1) "Adult" means an individual who has attained the age of 21 years. (2) "Benefit plan" means any pension plan,...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 3
  Scope and Jurisdiction. (a) This Act applies to a transfer that refers to this Act in the designation under Section 10(a) by which the...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 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...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 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...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 6
  Authorized Transfers. (a) A representative, trustee or other obligor under a governing instrument may make an irrevocable transfer pursuant to Section 10 to a...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 7
  Other Transfer by Fiduciary. (a) Subject to subsection (c), a representative may make an irrevocable transfer to an adult or trust company as custodian...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 8
  Transfer by Other Obligor. (a) Subject to subsections (b) and (c), a person not subject to Section 5, 6 or 7 who holds property...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 9
  Receipt for Custodial Property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 10
  Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control. (a) Custodial property is created and a transfer is made whenever:...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 11
  Single Custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 12
  Validity and Effect of Transfer. (a) The validity of a transfer made in a manner prescribed in this Act is not affected by: (1)...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 13
  Care of Custodial Property. (a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate;...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 14
  Powers of Custodian. (a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 15
  Use of Custodial Property. (a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 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...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 17
  Exemption of Third Person from Liability. A third person in good faith and without court order may act on the instructions of or otherwise...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 18
  Liability to Third Persons. (a) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 19
  Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian. (a) A person nominated under Section 4 or designated under Section 6 or...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 20
  Accounting by and Determination of Liability of Custodian. (a) A minor who has attained the age of 14 years, the minor's representative, an adult...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 21
  Termination of Custodianship. (a) The custodian shall transfer in an appropriate manner the custodial property (to the extent that it has not been used...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 22
  Applicability. This Act applies to a transfer within the scope of Section 3 made after its effective date if: (1) the transfer purports to...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 23
  Effect on Existing Custodianships. (a) Any transfer of custodial property whether or not now defined in this Act made before the effective date of...
• Illinois Uniform Transfers to Minors Act. - 760 ILCS 20, Section 24
  Uniformity of Application and Construction. This Act shall be applied and construed to effectuate its general purpose to make uniform to the extent accepted...

Last modified: February 18, 2015