Texas Property Code Title 10, Chapter 141 - Transfers To Minors
- Texas Section 141.001 - Short Title
This chapter may be cited as the Texas Uniform Transfers to Minors Act. Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept....
- Texas Section 141.002 - Definitions
In this chapter: (1) "Adult" means an individual who is at least 21 years of age. (2) "Benefit plan" means a retirement plan, including an...
- Texas Section 141.003 - Scope And Jurisdiction
(a) This chapter applies to a transfer that refers to the Texas Uniform Transfers to Minors Act in the designation under Section 141.010(a) by which...
- Texas Section 141.004 - Nomination Of Custodian
(a) A person having the right to designate the recipient of property transferable on the occurrence of a future event may revocably nominate a custodian...
- Texas Section 141.005 - 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...
- Texas Section 141.006 - Transfer Authorized By Will Or Trust
(a) A legal representative or trustee may make an irrevocable transfer under Section 141.010 to a custodian for a minor's benefit as authorized in the...
- Texas Section 141.007 - Other Transfer By Fiduciary
(a) Subject to Subsections (b) and (c), a guardian, legal representative, or trustee may make an irrevocable transfer to another adult or trust company as...
- Texas Section 141.008 - Transfer By Obligor
(a) Subject to Subsections (b) and (c), a person who is not subject to Section 141.006 or 141.007 and who holds property, including a benefit...
- Texas Section 141.009 - Receipt For Custodial Property
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian under this chapter. Amended...
- Texas Section 141.010 - Manner Of Creating Custodial Property And Effecting Transfer; Designation Of Initial Custodian; Control
(a) Custodial property is created and a transfer is made when: (1) an uncertificated security or a certificated security in registered form is: (A) registered...
- Texas Section 141.011 - 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...
- Texas Section 141.012 - Validity And Effect Of Transfer
(a) The validity of a transfer made in a manner prescribed by this chapter is not affected by the: (1) transferor's failure to comply with...
- Texas Section 141.013 - Care Of Custodial Property
(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,...
- Texas Section 141.014 - Powers Of Custodian
(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...
- Texas Section 141.015 - Use Of Custodial Property
(a) A custodian may deliver or pay to the minor or expend for the minor's benefit as much of the custodial property as the custodian...
- Texas Section 141.016 - 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...
- Texas Section 141.017 - Exemption Of Third Person From Liability
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...
- Texas Section 141.018 - Liability To Third Person
(a) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control...
- Texas Section 141.019 - Renunciation, Resignation, Death, Or Removal Of Custodian; Designation Of Successor Custodian
(a) A person nominated to serve as a custodian under Section 141.004 or designated to serve as a custodian under Section 141.010 may decline to...
- Texas Section 141.020 - Accounting By And Determination Of Liability
(a) A minor who is at least 14 years of age, the minor's guardian of the person or legal representative, an adult member of the...
- Texas Section 141.021 - Termination Of Custodianship
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate on the earlier of the date:...
- Texas Section 141.022 - Applicability
Except as provided by Section 141.025, this chapter applies to a transfer within the scope of Section 141.003 made after September 1, 1995, if: (1)...
- Texas Section 141.023 - Effect On Existing Custodianships
(a) Any transfer of custodial property under this chapter made before September 1, 1995, is validated notwithstanding that there was no specific authority in this...
- Texas Section 141.024 - Uniformity Of Application And Construction
This chapter shall be applied and construed to effect its general purpose, to make uniform the law with respect to the subject of this chapter...
- Texas Section 141.025 - Additional Transfers To Custodianships In Existence Before Effective Date Of Act
(a) This section applies only to a transfer within the scope of Section 141.003 made after September 1, 1995, to a custodian of a custodianship...
Last modified: September 28, 2016