Transfers to Minors. You may make a gift of money to a minor by opening an account in the name of the minor with you listed as custodian on our records for the account (“Custodian”), pursuant to the Uniform Transfers to Minors Act (“UTMA”). Only you, as Custodian, are authorized to act on the account. As Custodian, you will notify us in writing immediately upon the death of the minor or at the time the minor reaches the age of majority in the state where the account was opened. After notifying us of either of these events, your authority over these accounts continues only to the extent allowed by the applicable UTMA. Before we receive such notice and have a reasonable opportunity to act on it, we may honor any checks or drafts written on the account by the Custodian without incurring any liability to the minor or to any third party. You will be liable to us for any Losses we incur because of your failure to give us prompt written notice (as described above) or otherwise abide by the applicable UTMA. We have no duty to monitor the acts of the Custodian or otherwise ensure that his/her acts are for the benefit of the minor and/or are otherwise permissible under the applicable UTMA. We have no liability if the Custodian exceeds his/her authority under and/or fails to comply with the applicable UTMA.
Transfers to Minors. A person may open an account under the provisions of law which allow for transfers or gifts to minors. The person opening the account is the custodian but the account is owned by the minor. If the custodian resigns, is removed or dies, upon satisfactory proof, we will deliver the funds to a successor custodian or to the minor in accordance with law. A custodian may designate a successor custodian on CNB’s records.
Transfers to Minors. You may make a gift of money to a minor under state law by opening an account in the name of the minor pursuant to the Uniform Transfers to Minors Act (UTMA). If your account is opened under UTMA, the funds in your account belong to the minor you have named. You, as custodian, or the custodian you have named (or any successor custodian), must transfer any funds remaining in the UTMA account to the minor or the minor’s estate, as applicable, when the minor attains the age of 21 in most cases or at such other time or under the circumstances prescribed by Applicable Law. The law of the state where your account is maintained determines when the minor reaches the age of majority. Before that time, you, as custodian, or the custodian you have named (or any successor custodian), have the right, subject to Applicable Law, to withdraw all the funds from the UTMA account at any time for the use or benefit of the minor. We have no duty to monitor or ensure that the acts of any custodian are for the use or benefit of the minor or are otherwise permissible under Applicable Law, and we will not be liable if any custodian exceeds his or her powers prescribed under UTMA or does not comply with Applicable Law.
