Hawaii Custodian Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9188
• Format: Word; Rich Text

Description

Custodian Agreement between First American Insurance Portfolios, Inc. and U.S. Bank National Association dated December 8, 1999. 17 pages A Hawaii Custodian Agreement is a legal document that outlines the responsibilities and obligations of a custodian in the state of Hawaii. It is designed to protect the interests and assets of a minor or incapacitated person. This agreement is established when a custodian holds and manages property or assets on behalf of someone unable to manage their own affairs. In Hawaii, there are two main types of Custodian Agreements associated with the Uniform Transfers to Minors Act (TMA) and the Uniform Gifts to Minors Act (UGA). Both acts allow for the transfer of property or assets to a minor, but they differ slightly in terms of what can be transferred and how the assets are managed. 1. Hawaii TMA Custodian Agreement: The Uniform Transfers to Minors Act allows for the transfer of a broader range of assets to a minor. This could include real estate, securities, bank accounts, and other valuable items. The custodian appointed under the TMA is responsible for managing and protecting these assets until the minor reaches the age of majority (usually 18 or 21, depending on the state). 2. Hawaii UGA Custodian Agreement: The Uniform Gifts to Minors Act primarily deals with the transfer of gifts of cash or securities to a minor. While it also allows for the transfer of certain other assets, it is more commonly used for monetary gifts. The custodian appointed under the UGA is responsible for managing these gifts on behalf of the minor until they reach the age of majority. Both types of Hawaii Custodian Agreements involve the fiduciary duty of the custodian to act in the best interest of the minor. This includes managing and investing the assets prudently, handling any income or dividends generated by the assets, using the assets only for the minor's benefit, and preparing regular reports to the court or the parents/guardians of the minor. Key terms related to a Hawaii Custodian Agreement include "custodian," "minor," "transfers to minors," "responsibilities," "obligations," "fiduciary duty," "assets," "property," "management," "investment," and "reporting." In summary, a Hawaii Custodian Agreement is a crucial legal document that establishes the framework for managing assets on behalf of a minor or incapacitated person. It ensures the proper safeguarding, management, and use of the assets until the minor reaches the age of majority. The agreement can be either a TMA Custodian Agreement or a UGA Custodian Agreement, depending on the type of assets being transferred.

A Hawaii Custodian Agreement is a legal document that outlines the responsibilities and obligations of a custodian in the state of Hawaii. It is designed to protect the interests and assets of a minor or incapacitated person. This agreement is established when a custodian holds and manages property or assets on behalf of someone unable to manage their own affairs. In Hawaii, there are two main types of Custodian Agreements associated with the Uniform Transfers to Minors Act (TMA) and the Uniform Gifts to Minors Act (UGA). Both acts allow for the transfer of property or assets to a minor, but they differ slightly in terms of what can be transferred and how the assets are managed. 1. Hawaii TMA Custodian Agreement: The Uniform Transfers to Minors Act allows for the transfer of a broader range of assets to a minor. This could include real estate, securities, bank accounts, and other valuable items. The custodian appointed under the TMA is responsible for managing and protecting these assets until the minor reaches the age of majority (usually 18 or 21, depending on the state). 2. Hawaii UGA Custodian Agreement: The Uniform Gifts to Minors Act primarily deals with the transfer of gifts of cash or securities to a minor. While it also allows for the transfer of certain other assets, it is more commonly used for monetary gifts. The custodian appointed under the UGA is responsible for managing these gifts on behalf of the minor until they reach the age of majority. Both types of Hawaii Custodian Agreements involve the fiduciary duty of the custodian to act in the best interest of the minor. This includes managing and investing the assets prudently, handling any income or dividends generated by the assets, using the assets only for the minor's benefit, and preparing regular reports to the court or the parents/guardians of the minor. Key terms related to a Hawaii Custodian Agreement include "custodian," "minor," "transfers to minors," "responsibilities," "obligations," "fiduciary duty," "assets," "property," "management," "investment," and "reporting." In summary, a Hawaii Custodian Agreement is a crucial legal document that establishes the framework for managing assets on behalf of a minor or incapacitated person. It ensures the proper safeguarding, management, and use of the assets until the minor reaches the age of majority. The agreement can be either a TMA Custodian Agreement or a UGA Custodian Agreement, depending on the type of assets being transferred.