19 Guam Code Ann. § 12104
Terms Used In 19 Guam Code Ann. § 12104
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) The custodian shall pay over to the minor for expenditure by him, or expend for the minor=s benefit, so much of or all the custodial property as
the custodian deems advisable for the support, maintenance, education and benefit of the minor in the manner, at the time or times, and to the extent that the custodian in his discretion deems suitable and proper, with or without court order, with or without regard to the duty of himself or of any other person to support the minor or his ability to do so, and with or without regard to any other income or property of the minor which may be applicable or available for any such purpose.
COL120106
19 Guam Code Ann. PERSONAL RELATIONS
CH. 12 UNIFORM GIFTS TO MINORS ACT
(c) The court, on the petition of a parent or guardian of the minor or of the minor if he has attained the age of fourteen years may order the custodian to pay over to the minor for expenditure by him or to expend so
much of or all the custodial property as is necessary for the minor=s support,
maintenance or education.
(d) To the extent that the custodial property is not so expended, the custodian shall deliver or pay it over to the minor on his attaining the age of eighteen years or, if the minor dies before attaining the age of eighteen years, he shall thereupon deliver or pay it over to the estate of the minor.
(e) The custodian, notwithstanding statutes restricting investments by fiduciaries, shall invest and reinvest the custodial property as would a prudent man of discretion and intelligence who is seeking a reasonable income and the preservation of his capital, except that he may, in his discretion and without liability to the minor or his estate, retain a security given to the minor in a manner prescribed in this Chapter or hold money so given in an account in the financial institution to which it was paid or delivered by the donor.
(f) The custodian may sell, exchange, convert, surrender or otherwise dispose of custodial property in the manner, at the time or times, for the price or prices and upon the terms he deems advisable. He may vote in person or by general or limited proxy a security which is custodial property. He may consent, directly or through a committee or other agents, to the reorganization, consolidation, merger, dissolution or liquidation of an issuer, a security which is custodial property, and to the sale, lease, pledge or mortgage of any property by or to such an issuer, and to any other action by such an issuer. He may execute and deliver any and all instruments in writing which he deems advisable to carry out any of his powers as custodian.
(g) The custodian shall register each security which is custodial property and in registered form in the name of the custodian followed, in substance, by the words: as custodian for [name of minor] under the Guam Uniform Gifts to Minors Act. The custodian shall hold all money which is custodial property in an account with a broker or in an insured domestic financial institution in the name of the custodian followed, in substance, by the words: as custodian for [name of minor] under the Guam Uniform Gifts to Minors Act. The custodian shall keep all other custodial property separate and distinct from his own property in a manner to identify it clearly as custodial property.
COL120106
19 Guam Code Ann. PERSONAL RELATIONS
CH. 12 UNIFORM GIFTS TO MINORS ACT
(h) The custodian shall keep records of all transactions with respect to the custodial property and make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor, if he has attained the age of fourteen years.
(i) A custodian has and holds as powers in trust with respect to the custodial property, in addition to the rights and powers provided in this Chapter, all the rights and powers which a guardian has with respect to property not held as custodial property.
(j) If the subject of the gift is a life insurance policy or annuity contract, the custodian:
(1) In his capacity as custodian, has all incidents of ownership in the policy or contract to the same extent as if he were the owner, except that the designated beneficiary of any policy or contract on the
life of the minor shall be the minor=s estate and the designated
beneficiary of any policy or contract on the life of a person other than the minor shall be the custodian as custodian for the minor for whom he is acting; and
(2) May pay premiums on the policy or contract out of the custodial property.
SOURCE: CC ‘1156.1 added by P.L. 11-115.