Utah Code 75A-8-104. Nomination of custodian
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Terms Used In Utah Code 75A-8-104
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102 - Custodial property: means :(7)(a) any interest in property transferred to a custodian under this chapter; and(7)(b) the income from and proceeds of that interest in property. See Utah Code 75A-8-102
- Custodian: means a person so designated under Section
75A-8-110 or a successor or substitute custodian designated under Section75A-8-119 . See Utah Code 75A-8-102- Deed: The legal instrument used to transfer title in real property from one person to another.
- Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
- Payor: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Person: means an individual, corporation, organization as defined in Section
75-1-201 , or other legal entity. See Utah Code 75A-8-102- Property: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Transfer: means a transaction that creates custodial property under Section
75A-8-109 . See Utah Code 75A-8-102- Trust: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(1)(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for …………… (name of minor) under the Uniform Transfers to Minors Act.”(1)(b) The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve.(1)(c) The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.(2) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under Subsection75A-8-110 (1).(3)(3)(a) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under Section75A-8-110 .(3)(b) Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property under Section75A-8-110 . - Custodian: means a person so designated under Section