New Jersey Statutes 46:38A-27. Duty of care owed by custodian
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Terms Used In New Jersey Statutes 46:38A-27
- Custodial property: means any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property. See New Jersey Statutes 46:38A-2
- Custodian: means a person so designated under R. See New Jersey Statutes 46:38A-2
- Minor: means an individual who has not attained the age of 21 years. See New Jersey Statutes 46:38A-2
- Person: means an individual, corporation, organization, or other legal entity. See New Jersey Statutes 46:38A-2
- Statute: A law passed by a legislature.
- Transferor: means a person who makes a transfer under this chapter. See New Jersey Statutes 46:38A-2
In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. A custodian may, in the custodian’s discretion and without liability to the minor or the minor’s estate, retain any custodial property received from a transferor.
L. 1987, c. 18, s. 1.