General Laws of Massachusetts - Chapter 203B Uniform Custodial Trust Act

• Massachusetts General Laws - Definitions - Chapter 203B, Section 1
  This chapter shall be known as and may be cited as the Massachusetts Uniform Custodial Trust Act. As used in this chapter the following words...
• Massachusetts General Laws - Creation; termination; augmentation of trust property; designation of successor trustee - Chapter 203B, Section 2
  (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by...
• Massachusetts General Laws - Designation as substitute or successor custodial trustees - Chapter 203B, Section 3
  (a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon...
• Massachusetts General Laws - Custodial trustee’s acceptance - Chapter 203B, Section 4
  (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, shall arise under this chapter upon the custodial trustee’s acceptance,...
• Massachusetts General Laws - Transfer of trust property for use and benefit of incapacitated individual - Chapter 203B, Section 5
  (a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section three, a person, including a fiduciary other than a custodial trustee,...
• Massachusetts General Laws - Multiple beneficiaries; right of survivorship - Chapter 203B, Section 6
  (a) Beneficial interests in a custodial trust created for multiple beneficiaries shall be deemed to be separate custodial trusts of equal undivided interests for each...
• Massachusetts General Laws - Vesting title; management of trust property; duties - Chapter 203B, Section 7
  (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated,...
• Massachusetts General Laws - Trustee’s rights and powers over trust property - Chapter 203B, Section 8
  (a) A custodial trustee, acting in a fiduciary capacity, shall have all the rights and powers over custodial trust property which an unmarried adult owner...
• Massachusetts General Laws - Payments to beneficiaries - Chapter 203B, Section 9
  (a) 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...
• Massachusetts General Laws - Administration of trust for incapacitated beneficiary; determination of incapacity - Chapter 203B, Section 10
  (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under section five, (ii)...
• Massachusetts General Laws - Third person dealing with one purporting to act as trustee - Chapter 203B, Section 11
  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...
• Massachusetts General Laws - Claims against trust property; trustee, beneficiary liability - Chapter 203B, Section 12
  (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or...
• Massachusetts General Laws - Trustee declining to serve; resignation; petition for removal - Chapter 203B, Section 13
  (a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation,...
• Massachusetts General Laws - Expenses; bond - Chapter 203B, Section 14
  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)...
• Massachusetts General Laws - Written statement of property and administration; petition for accounting - Chapter 203B, Section 15
  (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide...
• Massachusetts General Laws - Claims for relief; time limitations - Chapter 203B, Section 16
  (a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting...
• Massachusetts General Laws - Termination of trust; order of distribution - Chapter 203B, Section 17
  (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) to the beneficiary, if not incapacitated or...
• Massachusetts General Laws - Transfer of property to create trust - Chapter 203B, Section 18
  (a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section two...
• Massachusetts General Laws - Applicable law; place of transfer - Chapter 203B, Section 19
  (a) This chapter shall apply to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the...

Last modified: September 11, 2015