Common use of UTMA Account Clause in Contracts

UTMA Account. For UTMA (Uniform Transfers to Minors Act) Accounts, You understand that the gift of money to the Minor named on this Application, which gift shall be deemed to include all dividends thereon and any future additions thereto, is irrevocable and is made in accordance with, and is to include all provisions of, the Uniform Transfers to Minors Act (the Act), as enacted in the State where the subject Account is held, as it is now and in the future. You further understand that the age of delivery from the Custodian to the Minor will occur upon the minor's age of , under the Act. Owner 2 is named as custodian for the Primary Member under the applicable state’s Uniform Transfers to Minors Act. Designation of Successor Custodian. You appoint (Name of Successor Custodian) as Successor Custodian of the gift property described in the gift transfer above. Such appointment will take effect: (1) when and in the event of Your resignation, death, incompetence, or legal incapacitation; and (2) when We deliver said Account, together with a true copy of this instrument of designation, into the custody of the Successor Custodian named above. Upon receipt of actual or written notice of such event, You direct Us to make such delivery. Signature of Custodian Successor Custodian Information Name Social Security Number Phone Number Birth Date Address City State Zip Trust