Uniform Transfers to Minors Act. If you open an account for a minor under the New York Uniform Transfers to Minors Act, although you, as custodian, control the account, the designated minor is the owner of the funds in the account. The social security number of the minor is to be used for income tax reporting. • A custodian account under the Uniform Transfer to Minors Act (UTMA) may be opened by any adult donor who wants to make an irrevocable gift of money to a minor (any person who has not attained the age of 18 years). Control over the account is given to an individual custodian who may also be the donor; however, the account is owned by the minor. The custodian may select the age (any time after the minor’s 18th birthday but not later than the minor’s 21st birthday) at which the minor will receive the funds on deposit. Unless otherwise indicated on the account records, for this purpose, the law deems 21 years of age to be the age of majority. The custodian is empowered to hold, invest or reinvest such funds as he or she may deem advisable for the support, maintenance and education of the minor. • Annual Tax statements (on IRS Form 1099) are titled and reported under the minor’s Social Security number, and such number must be provided to the Bank and certified by the custodian when the account is opened. • The account should be turned over by the custodian to the minor when he or she reaches the age designated at account opening (but not later than the minor’s 21st birthday) or, in the event of the minor’s death prior to that age, to the minor’s estate. • A custodian may arrange to have someone take his or her place in the event of resignation, death or legal incapacitation by submitting to Alpine a properly executed and dated Successor Custodian Designation Form. If no successor custodian has been designated and the custodian of record resigns, dies, or becomes legally incapacitated, and minor is at least 14 years of age, the minor may choose his or her successor custodian by submitting to Alpine a properly executed and dated Successor Custodian Designation Form. If the minor is under the age of 14, a successor custodian must be appointed by a court.
Uniform Transfers to Minors Act. Uniform Gifts to Minors Act account If you are the custodian or successor custodian of an account under a state’s Uniform Transfers/Gifts to Minors Act, you cannot pledge the account as collateral for a personal loan to you, or cash checks against it. You must transfer the funds in the account to the minor when the minor reaches the age of majority under the UTMA/ UGMA law for the state where the UTMA was established. At our sole discretion we may limit transactions on the account if you fail to transfer funds to the beneficiary as required by applicable law. You agree that it is your responsibility as custodian to consult your own legal or tax advisor about the governing state law.
Uniform Transfers to Minors Act. Uniform Gifts to Minors Act account If you are the custodian or successor custodian of an account under a state’s Uniform Transfers/Gifts to Minors Act, you cannot pledge the account as collateral for a personal loan to you, or cash checks against it. You must transfer the funds in the account to the minor when the minor reaches the age of majority under the UTMA/ UGMA law for the state where the UTMA was established.
Uniform Transfers to Minors Act. “UTMA”) If you have opened the account as custodian under the Connecticut Uniform Transfers to Minors Act, your rights and duties are governed by that Act. You must include the minor’s social security number on the signature card. You will not be allowed to pledge the account as collateral for a secured loan.
