Chapter 527 — Scope and Jurisdiction

527.01 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.02 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.03 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.035 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.04 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.05 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.06 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.07 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.08 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.09 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.10 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.11 This section was repealed in 1985. It is no longer in effect and has no current legal force. 527.21 Definitions This section defines key terms used in the Minnesota Uniform Transfers to Minors Act. Important definitions include that … 527.22 Scope and Jurisdiction This law applies when a transfer to a custodian for a minor references this chapter and the transferor, minor, or … 527.23 Nomination of Custodian A person can name a custodian ahead of time to receive property for a minor when a future event happens, such as the … 527.24 Transfer by Gift or Exercise of Power of Appointment A person can make a gift of property to a custodian for the benefit of a minor. This transfer is permanent and cannot be … 527.25 Transfer Authorized by Will or Trust A personal representative handling a deceased person's estate or a trustee can transfer property to a custodian for a … 527.26 Other Transfer by Fiduciary Even when a will or trust does not specifically allow it, a personal representative, trustee, or conservator can … 527.27 Transfer by Obligor A person who holds property belonging to a minor or owes money to a minor can transfer that property to a custodian for … 527.28 Receipt for Custodial Property When a custodian receives property for a minor, a written acknowledgment from the custodian is enough to prove the … 527.29 Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control This section explains exactly how to create custodial property and complete a transfer for different types of property, … 527.30 Single Custodianship Each custodial transfer can only be for one minor, and only one person can serve as custodian at a time. However, if the … 527.31 Validity and Effect of Transfer A transfer to a custodian is still valid even if the transferor did not immediately give the custodian control of the … 527.32 Care of Custodial Property A custodian must take control of the property, register or record it properly, and manage and invest it wisely. The … 527.33 Powers of Custodian A custodian has the same rights and powers over custodial property as an adult owner would have over their own property. … 527.34 Use of Custodial Property A custodian can spend custodial property for the minor's benefit without getting a court order. The custodian decides … 527.35 Custodian's Expenses, Compensation, and Bond A custodian can be reimbursed from the custodial property for reasonable expenses. A custodian who did not make the … 527.36 Exemption of Third Person From Liability Banks, brokerages, and other third parties who deal with a custodian in good faith are protected from liability. They do … 527.37 Liability to Third Persons Claims from contracts, property obligations, or injuries related to custodial property can be made against the custodial … 527.38 Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian A custodian can decline to serve, resign, or be removed by the court. The custodian can name a successor, or if the … 527.39 Accounting by and Determination of Liability of Custodian A minor who is at least 14, a guardian, family member, or transferor can ask the court to require the custodian to … 527.40 Transfer Upon Termination of Custodianship The custodianship ends when the minor turns 21 or dies, whichever comes first. At that point, the custodian must … 527.405 Conveyance by Custodian When a custodian sells or transfers real estate held for a minor, the custodian must provide a sworn affidavit to the … 527.41 Applicability The current Uniform Transfers to Minors Act applies to transfers made after January 1, 1986, that were intended to be … 527.42 Effect on Existing Custodianships For custodial property transferred by a fiduciary or obligor before May 17, 2020, the custodianship ends when the minor … 527.43 Savings Provision Even though the old Uniform Gifts to Minors Act was repealed, transfers made under that old law are still valid. The old … 527.44 Short Title This chapter is officially called the 'Minnesota Uniform Transfers to Minors Act.'