(a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.

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Terms Used In Minnesota Statutes 529.07

  • Adult: means an individual 18 years of age or older. See Minnesota Statutes 645.451
  • Fiduciary: A trustee, executor, or administrator.
  • Trustee: A person or institution holding and administering property in trust.

(b) This section does not relieve a custodial trustee from liability for a violation of section 529.06.