UNIFORM TRANSFERS TO MINORS ACT

KRS tit. XXXII, ch. 385

in effect

KRS 385.010 Repealed, 1966

385.010. Repealed, 1966 Catchline at repeal: Definitions. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Amended 1964 Ky. Acts ch. 21, sec. 2. -- Amended 1960 Ky. Acts ch. 108, sec. 1. -- Created 1958 Ky. Acts ch. 83, sec. 1.

KRS 385.011 Repealed, 1986

385.011. Repealed, 1986 Catchline at repeal: Definitions History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Amended 1982 Ky. Acts ch. 141, sec. 98, effective July 1, 1982. -- Amended 1976 Ky. Acts ch. 16, sec. 1. --Created 1966 Ky. Acts ch. 202, sec. 1. Note: 1980 Ky. Acts ch. 396, sec. 107 would have amended this section effective July 1, 1982. However, 1980 Ky. Acts ch. 396 was repealed by 1982 Ky. Acts ch. 141, sec. 146, also effective July 1, 1982.

KRS 385.012 Definitions

385.012. Definitions As used in KRS 385.022 to 385.222: (1) "Adult" means an individual who has attained the age of eighteen (18) years; (2) "Benefit plan" means an employer's plan for the benefit of an employee or partner; (3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others; (4) "Conservator" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions; (5) "Court" means District Court; (6) "Custodial property" means: (a) Any interest in property transferred to a custodian under KRS 385.032 to 385.222; and (b) The income from and proceeds of that interest in property; (7) "Custodian" means a person so designated under KRS 385.092; or a successor or substitute custodian designated under KRS 385.182; (8) "Financial institution" means a bank, trust company savings institution or credit union, chartered and supervised under state or federal law; (9) "Legal representative" means an individual's personal representative or conservator; (10) "Member of the minor's family" means the minor's parent, step-parent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption; (11) "Minor" means an individual who has not attained the age of eighteen (18) years; (12) "Person" means an individual, corporation, organization, or other legal entity; (13) "Personal representative" means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions; (14) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States; (15) "Transfer" means a transaction that creates custodial property under KRS 385.092; (16) "Transferor" means a person who makes a transfer under KRS 385.032 to 385.222; (17) "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 1, effective July 15, 1986.

KRS 385.020 Repealed, 1966

385.020. Repealed, 1966 Catchline at repeal: Form of gift. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Amended 1960 Ky. Acts ch. 108, sec. 2. -- Created 1958 Ky. Acts ch. 83, sec. 2.

KRS 385.021 Repealed, 1986

385.021. Repealed, 1986 Catchline at repeal: Manner of making gifts. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Amended 1970 Ky. Acts ch. 92, sec. 91. -- Created 1966 Ky. Acts ch. 202, sec. 2.

KRS 385.022 Scope and jurisdiction

385.022. Scope and jurisdiction (1) KRS 385.012 to 385.222 apply to a transfer that refers to KRS 385.032 to 385.222 in the designation under KRS 385.092(1) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to KRS 385.032 to 385.222 despite a subsequent change in residence of a transferor, the minor, or the custodian, or the removal of custodial property from this state. (2) A person designated as custodian under KRS 385.032 to 385.222 is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship. (3) A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act, of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 2, effective July 15, 1986.

KRS 385.030 Repealed, 1966

385.030. Repealed, 1966 Catchline at repeal: Effect of gift. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Amended 1960 Ky. Acts ch. 108, sec. 3. -- Created 1958 Ky. Acts ch. 83, sec. 3.

KRS 385.031 Repealed, 1986

385.031. Repealed, 1986 Catchline at repeal: Effect of gift. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1966 Ky. Acts ch. 202, sec. 3.

KRS 385.032 Nomination of custodian

385.032. Nomination of custodian (1) 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 Kentucky Uniform Transfers to Minors Act." The nomination may name one (1) 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. 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 KRS 385.092(1). (3) 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 KRS 385.092. 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 pursuant to KRS 385.092. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 3, effective July 15, 1986.

KRS 385.040 Repealed, 1966

385.040. Repealed, 1966 Catchline at repeal: Custodian's duties and powers. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Amended 1960 Ky. Acts ch. 108, sec. 4. -- Created 1958 Ky. Acts ch. 83, sec. 4.

KRS 385.041 Repealed, 1986

385.041. Repealed, 1986 Catchline at repeal: Duties and powers of custodian. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Amended 1978 Ky. Acts ch. 137, sec. 16, effective June 17, 1978; and ch. 384, sec. 113, effective June 17, 1978.-- Created 1966 Ky. Acts ch. 202, sec. 4.

KRS 385.042 Transfer by irrevocable gift or exercise of power of appointment

385.042. Transfer by irrevocable gift or exercise of power of appointment A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to KRS 385.092. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 4, effective July 15, 1986.

KRS 385.050 Repealed, 1966

385.050. Repealed, 1966 Catchline at repeal: Custodian's rights and compensation. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Created 1958 Ky. Acts ch. 83, sec. 5.

KRS 385.051 Repealed, 1986

385.051. Repealed, 1986 Catchline at repeal: Custodian's expenses -- Compensation -- Bond and liabilities. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1966 Ky. Acts ch. 202, sec. 5.

KRS 385.052 Transfer authorized by will or trust

385.052. Transfer authorized by will or trust (1) A personal representative or trustee may make an irrevocable transfer pursuant to KRS 385.092 to a custodian for the benefit of a minor as authorized in the governing will or trust. (2) If the testator or settlor has nominated a custodian under KRS 385.032 to receive the custodial property, the transfer must be made to that person. (3) If the testator or settlor has not nominated a custodian under KRS 385.032, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under KRS 385.092(1). Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 5, effective July 15, 1986.

KRS 385.060 Repealed, 1966

385.060. Repealed, 1966 Catchline at repeal: Freedom from duty of inquiry into authorization of purported donor or custodian. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Created 1958 Ky. Acts ch. 83, sec. 6.

KRS 385.061 Repealed, 1986

385.061. Repealed, 1986 Catchline at repeal: Exemption of third persons from liability. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1966 Ky. Acts ch. 202, sec. 6.

KRS 385.062 Other transfer by fiduciary

385.062. Other transfer by fiduciary (1) Subject to subsection (3) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to KRS 385.092, in the absence of a will or under a will or trust that does not contain an authorization to do so. (2) Subject to subsection (3) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to KRS 385.092. (3) A transfer under subsection (1) or (2) of this section may be made only if: (a) The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor; (b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and (c) The transfer is authorized by the court if it exceeds ten thousand dollars ($10,000) in value. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 6, effective July 15, 1986.

KRS 385.070 Repealed, 1966

385.070. Repealed, 1966 Catchline at repeal: Successor custodian. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Created 1958 Ky. Acts ch. 83, sec. 7.

KRS 385.071 Repealed, 1986

385.071. Repealed, 1986 Catchline at repeal: Resignation, death or removal of custodian -- Bond -- Designation of successor custodian. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Amended 1978 Ky. Acts ch. 137, sec. 17, effective June 17, 1978; and ch. 384, sec. 114, effective June 17, 1978. -- Created 1966 Ky. Acts ch. 202, sec. 7.

KRS 385.072 Transfer by obligor

385.072. Transfer by obligor (1) Subject to subsections (2) and (3) of this section, a person not subject to KRS 385.052 or 385.062 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to KRS 385.092. (2) If a person having the right to do so under KRS 385.032 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person. (3) If no custodian has been nominated under KRS 385.032, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds ten thousand dollars ($10,000) in value. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 7, effective July 15, 1986.

KRS 385.080 Repealed, 1966

385.080. Repealed, 1966 Catchline at repeal: Requiring custodian to account. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Created 1958 Ky. Acts ch. 83, sec. 8.

KRS 385.081 Repealed, 1986

385.081. Repealed, 1986 Catchline at repeal: Accounting of custodian. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1966 Ky. Acts ch. 202, sec. 8.

KRS 385.082 Receipt for custodial property

385.082. Receipt for custodial property A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to KRS 385.032 to 385.222. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 8, effective July 15, 1986.

KRS 385.090 Repealed, 1966

385.090. Repealed, 1966 Catchline at repeal: Construction of chapter. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Created 1958 Ky. Acts ch. 83, sec. 9.

KRS 385.091 Repealed, 1986

385.091. Repealed, 1986 Catchline at repeal: Construction History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1966 Ky. Acts ch. 202, sec. 9.

KRS 385.092 Manner of creating custodial property and effecting transfer -- Designation of initial custodian -- Control

385.092. Manner of creating custodial property and effecting transfer -- Designation of initial custodian -- Control (1) Custodial property is created and a transfer is made whenever: (a) An uncertificated security or a certificated security in registered form is either: 1. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for ------------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; or 2. Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (2) of this section; (b) Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for -------------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; (c) The ownership of a life or endowment insurance policy or annuity contract is either: 1. Registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for ---------------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; or 2. Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for -------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; (d) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: "as custodian for ------------------------------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; (e) An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for ---------------------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; (f) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either: 1. Issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: "as custodian for ----------------------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; or 2. Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for --------------------------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act"; or (g) An interest in any property not described in paragraphs (a) through (f) of this subsection is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subsection (2) of this section. (2) An instrument in the following form satisfies the requirements of paragraphs (a)2. and (g) of subsection (1) of this section: "TRANSFER UNDER THE KENTUCKY UNIFORM TRANSFERS TO MINORS ACT I, ------------------------------- (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ----------------------------- (name of custodian), as custodian for --------------------------------- (name of minor) under the Kentucky Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it). Dated: ------------------------------- ------------------------------------------------- (Signature) -------------------------------------------------------- (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Kentucky Uniform Transfers to Minors Act. Dated: ------------------------------- -------------------------------------------------" (Signature of Custodian) (3) A transferor shall place the custodian in control of the custodial property as soon as practicable. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 9, effective July 15, 1986.

KRS 385.100 Repealed, 1966

385.100. Repealed, 1966 Catchline at repeal: Short title. History: Repealed 1966 Ky. Acts ch. 202, sec. 11. -- Created 1958 Ky. Acts ch. 83, sec. 10.

KRS 385.101 Repealed, 1986

385.101. Repealed, 1986 Catchline at repeal: Short title. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1966 Ky. Acts ch. 202, sec. 10.

KRS 385.102 Single custodianship

385.102. Single custodianship A transfer may be made only for one (1) minor, and only one (1) person may be the custodian. All custodial property held under KRS 385.032 to 385.222 by the same custodian for the benefit of the same minor constitutes a single custodianship. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 10, effective July 15, 1986.

KRS 385.110 Repealed, 1986

385.110. Repealed, 1986 Catchline at repeal: Bequests of intangible property to minors. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 8, effective June 17, 1978.

KRS 385.112 Validity and effect of transfer

385.112. Validity and effect of transfer (1) The validity of a transfer made in a manner prescribed in KRS 385.032 to 385.222 is not affected by: (a) Failure of the transferor to comply with KRS 385.092(3) concerning possession and control; (b) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under KRS 385.092(1); or (c) Death or incapacity of a person nominated under KRS 385.032 or designated under KRS 385.092 as custodian or the disclaimer of the office by that person. (2) A transfer made pursuant to KRS 385.092 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in KRS 385.032 to 385.222, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in KRS 385.032 to 385.222. (3) By making a transfer, the transferor incorporates in the disposition all the provisions of KRS 385.032 to 385.222 and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in KRS 385.032 to 385.222. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 11, effective July 15, 1986.

KRS 385.120 Repealed, 1986

385.120. Repealed, 1986 Catchline at repeal: Testator may provide bequest is subject to Kentucky Uniform Gifts to Minors Act. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 9, effective June 17, 1978.

KRS 385.122 Care of custodial property

385.122. Care of custodial property (1) A custodian shall: (a) Take control of custodial property; (b) Register or record title to custodial property if appropriate; and (c) Collect, hold, manage, invest, and reinvest custodial property. (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. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor. (3) A custodian may invest in or pay premiums on life insurance or endowment policies on: (a) The life of the minor only if the minor or the minor's estate is the sole beneficiary; or (b) The life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary. (4) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as a custodian for ---------- (name of minor) under the Kentucky Uniform Transfers to Minors Act." (5) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of fourteen (14) years. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 12, effective July 15, 1986.

KRS 385.130 Repealed, 1986

385.130. Repealed, 1986 Catchline at repeal: Designation of custodian. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 10, effective June 17, 1978.

KRS 385.132 Powers of custodian

385.132. Powers of custodian (1) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (2) This section does not relieve a custodian from liability for breach of KRS 385.122. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 13, effective July 15, 1986.

KRS 385.140 Repealed, 1986

385.140. Repealed, 1986 Catchline at repeal: Direct bequest to minor. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 11, effective June 17, 1978.

KRS 385.142 Use of custodial property

385.142. Use of custodial property (1) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (a) The duty or ability of the custodian personally or of any other person to support the minor; or (b) Any other income or property of the minor which may be applicable or available for that purpose. (2) On petition of an interested person or the minor if the minor has attained the age of fourteen (14) years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor. (3) A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 14, effective July 15, 1986.

KRS 385.150 Repealed, 1986

385.150. Repealed, 1986 Catchline at repeal: Distribution of bequest. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 12, effective June 17, 1978.

KRS 385.152 Custodian's expenses, compensation and bond

385.152. Custodian's expenses, compensation and bond (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (2) Except for one who is a transferor under KRS 385.042, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. (3) Except as provided in KRS 385.182(6), a custodian need not give a bond. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 15, effective July 15, 1986.

KRS 385.160 Repealed, 1986

385.160. Repealed, 1986 Catchline at repeal: Succession custodians. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 13, effective June 17, 1978.

KRS 385.162 Exemption of third person from liability

385.162. Exemption of third person from liability A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: (1) The validity of the purported custodian's designation; (2) The propriety of, or the authority under KRS 385.032 to 385.222 for, any act of the purported custodian; (3) The validity or propriety under KRS 385.032 to 385.222 of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or (4) The propriety of the application of any property of the minor delivered to the purported custodian. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 16, effective July 15, 1986.

KRS 385.170 Repealed, 1986

385.170. Repealed, 1986 Catchline at repeal: Vacancy in custodianship. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 14, effective June 17, 1978.

KRS 385.172 Liability to third persons

385.172. Liability to third persons (1) A claim based on: (a) A contract entered into by a custodian acting in a custodial capacity; (b) An obligation arising from the ownership or control of custodial property; or (c) A tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor. (2) A custodian is not personally liable: (a) On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or (b) For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault. (3) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 17, effective July 15, 1986.

KRS 385.180 Repealed, 1986

385.180. Repealed, 1986 Catchline at repeal: Duties of custodian. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 15, effective June 17, 1978.

KRS 385.182 Renunciation, resignation, death or removal of custodian -- Designation of successor custodian

385.182. Renunciation, resignation, death or removal of custodian -- Designation of successor custodian (1) A person nominated under KRS 385.032 or designated under KRS 385.092 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under KRS 385.032, the person who made the nomination may nominate a substitute custodian under KRS 385.032; otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under KRS 385.092(1). The custodian so designated has the rights of a successor custodian. (2) A custodian at any time may designate a trust company or an adult other than a transferor under KRS 385.042 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed. (3) A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of fourteen (14) years and to the successor custodian and by delivering the custodial property to the successor custodian. (4) If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor has attained the age of fourteen (14) years, the minor may designate as successor custodian, in the manner prescribed in subsection (2) of this section, an adult member of the minor's family, a conservator of the minor, or a trust company. If the minor has not attained the age of fourteen (14) years or fails to act within sixty (60) days after the ineligibility, death, or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or any other interested person may petition the court to designate a successor custodian. (5) A custodian who declines to serve under subsection (1) of this section or resigns under subsection (3) of this section, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received. (6) A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the person of the minor, the conservator of the minor, or the minor if the minor has attained the age of fourteen (14) years may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under KRS 385.042 or to require the custodian to give appropriate bond. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 18, effective July 15, 1986.

KRS 385.190 Repealed, 1986

385.190. Repealed, 1986 Catchline at repeal: Jurisdiction of undistributed property. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 16, effective June 17, 1978.

KRS 385.192 Accounting by and determination of liability of custodian

385.192. Accounting by and determination of liability of custodian (1) A minor who has attained the age of fourteen (14) years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court: (a) For an accounting by the custodian or the custodian's legal representative; or (b) For a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under KRS 385.172 to which the minor or the minor's legal representative was a party. (2) A successor custodian may petition the court for an accounting by the predecessor custodian. (3) The court, in a proceeding under KRS 385.032 to 385.222 or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account. (4) If a custodian is removed under KRS 385.182(6), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 19, effective July 15, 1986.

KRS 385.200 Repealed, 1986

385.200. Repealed, 1986 Catchline at repeal: Method for making bequests not exclusive. History: Repealed 1986 Ky. Acts ch. 182, sec. 26, effective July 15, 1986. -- Created 1978 Ky. Acts ch. 402, sec. 17, effective June 17, 1978.

KRS 385.202 Termination of custodianship

385.202. Termination of custodianship The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of: (1) The minor's attainment of age eighteen (18) with respect to custodial property transferred under KRS 385.042 to 385.072; or (2) The minor's death. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 20, effective July 15, 1986.

KRS 385.212 Applicability

385.212. Applicability KRS 385.032 to 385.222 apply to a transfer within the scope of KRS 385.022 made after July 15, 1986, if: (1) The transfer purports to have been made under the Uniform Gifts to Minors Act of Kentucky; or (2) The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of KRS 385.032 to 385.222 is necessary to validate the transfer. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 21, effective July 15, 1986.

KRS 385.222 Effect on existing custodianships

385.222. Effect on existing custodianships (1) Any transfer of custodial property as now defined in KRS 385.012 made before July 15, 1986, is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of Kentucky for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made. (2) KRS 385.012 to 385.212 apply to all transfers made before July 15, 1986, in a manner and form prescribed in the Uniform Gifts to Minors Act of Kentucky, except insofar as the application impairs constitutionally vested rights. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 22, effective July 15, 1986.

KRS 385.232 Uniformity of application and construction

385.232. Uniformity of application and construction KRS 385.012 to 385.242 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of KRS 385.012 to 385.242 among states enacting it. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 23, effective July 15, 1986.

KRS 385.242 Severability

385.242. Severability To the extent that KRS 385.012 to 385.232, by virtue of KRS 385.222(2), does not apply to transfers made in a manner prescribed in the Gifts to Minors Act of Kentucky or to the powers, duties, and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the repeal of the Gifts to Minors Act of Kentucky does not affect those transfers or those powers, duties, and immunities. Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 25, effective July 15, 1986.

KRS 385.252 Short title

385.252. Short title KRS 385.012 to 385.242 may be cited as the "Kentucky Uniform Transfers to Minors Act." Effective: July 15, 1986 History: Created 1986 Ky. Acts ch. 182, sec. 24, effective July 15, 1986.

Source: Kentucky Legislative Research Commission (legislature.ky.gov)URL: https://apps.legislature.ky.gov/law/statutes/chapter.aspx?id=39163Fetched: 10/20/2026