Utah 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 The Utah Custodian Agreement is a legally binding document that outlines the responsibilities and obligations of a custodian in the state of Utah. This agreement is typically created when a custodial relationship is established between a custodian and a minor. It governs the custodian's role in managing and safeguarding the minor's assets until they reach the age of majority. Key terms and keywords commonly associated with the Utah Custodian Agreement include: 1. Custodian: Refers to the individual who is entrusted with managing and protecting the assets of a minor until the minor becomes of legal age. 2. Minor: Denotes an individual who has not yet attained the age of majority, typically under the age of 18. 3. Assets: Encompasses all property, funds, investments, real estate, or other valuables held by the minor under the custodian's care. 4. Uniform Transfers to Minors Act (TMA): The Utah Custodian Agreement is often created under the provisions of the state's TMA, which establishes rules and guidelines for custodial relationships. 5. Transferor: The individual who makes the initial transfer of assets to the custodian on behalf of the minor. 6. Age of Majority: The legal age at which a person is recognized as an adult and gains full control of their assets, which is typically 18 in most jurisdictions. 7. Management and Control: Details the custodian's authority to manage, invest, sell, or otherwise handle the minor's assets in a prudent and beneficial manner, with the minor's interests in mind. 8. Reporting and Accountability: Specifies the custodian's obligation to provide regular reports and accounting of the minor's assets to the relevant parties, such as the minor's parents or guardians or to the court if required. 9. Termination: Outlines the conditions upon which the custodial relationship will be terminated, such as the minor reaching the age of majority, the agreement being revoked or modified by court order, or the minor's assets being fully distributed. There are different types of Utah Custodian Agreements that may be established based on the nature of the assets involved. Examples include: TMAMA Custodian Agreement for financial assets, such as bank accounts, stocks, bonds, or other investment instruments. TMAMA Custodian Agreement for real estate assets, wherein the custodian manages and maintains real property owned by the minor until they come of age. TMAMA Custodian Agreement for tangible assets, such as valuable collectibles, artwork, or jewelry, which the custodian is responsible for safeguarding until the minor reaches the age of majority. It is essential to consult an attorney or legal professional to properly draft and execute a Utah Custodian Agreement, ensuring compliance with state laws and meeting the specific needs of the minor and transferor involved.

The Utah Custodian Agreement is a legally binding document that outlines the responsibilities and obligations of a custodian in the state of Utah. This agreement is typically created when a custodial relationship is established between a custodian and a minor. It governs the custodian's role in managing and safeguarding the minor's assets until they reach the age of majority. Key terms and keywords commonly associated with the Utah Custodian Agreement include: 1. Custodian: Refers to the individual who is entrusted with managing and protecting the assets of a minor until the minor becomes of legal age. 2. Minor: Denotes an individual who has not yet attained the age of majority, typically under the age of 18. 3. Assets: Encompasses all property, funds, investments, real estate, or other valuables held by the minor under the custodian's care. 4. Uniform Transfers to Minors Act (TMA): The Utah Custodian Agreement is often created under the provisions of the state's TMA, which establishes rules and guidelines for custodial relationships. 5. Transferor: The individual who makes the initial transfer of assets to the custodian on behalf of the minor. 6. Age of Majority: The legal age at which a person is recognized as an adult and gains full control of their assets, which is typically 18 in most jurisdictions. 7. Management and Control: Details the custodian's authority to manage, invest, sell, or otherwise handle the minor's assets in a prudent and beneficial manner, with the minor's interests in mind. 8. Reporting and Accountability: Specifies the custodian's obligation to provide regular reports and accounting of the minor's assets to the relevant parties, such as the minor's parents or guardians or to the court if required. 9. Termination: Outlines the conditions upon which the custodial relationship will be terminated, such as the minor reaching the age of majority, the agreement being revoked or modified by court order, or the minor's assets being fully distributed. There are different types of Utah Custodian Agreements that may be established based on the nature of the assets involved. Examples include: TMAMA Custodian Agreement for financial assets, such as bank accounts, stocks, bonds, or other investment instruments. TMAMA Custodian Agreement for real estate assets, wherein the custodian manages and maintains real property owned by the minor until they come of age. TMAMA Custodian Agreement for tangible assets, such as valuable collectibles, artwork, or jewelry, which the custodian is responsible for safeguarding until the minor reaches the age of majority. It is essential to consult an attorney or legal professional to properly draft and execute a Utah Custodian Agreement, ensuring compliance with state laws and meeting the specific needs of the minor and transferor involved.