United States — Louisiana Statutes

RS 9:754

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1 provision

A person may make an irrevocable gift transfer to a custodian for the benefit of a minor.

• Custodial transfer
• Gifts
• Property transfer

RS 9:755

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A personal representative or trustee may transfer property to a custodian for a minor if the will or trust authorizes it.

• Custodianship transfer
• Estate administration
• Trust administration

RS 9:756

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Certain fiduciaries may make an irrevocable transfer to a custodian for a minor if the stated conditions are met.

• Fiduciary transfers
• Minor custodianship

RS 9:757

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A qualifying person may transfer a minor’s property or debt to a custodian, and in some cases must transfer it to a nominated custodian.

• Custodianship
• Minor property transfers

RS 9:758

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A custodian’s written acknowledgment of delivery is enough to count as a receipt and discharge for custodial property transferred under this Subpart.

• Custody
• Discharge
• Receipts

RS 9:759

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This section says when custodial property is created and transferred, and requires the transferor to put the custodian in control as soon as practicable.

• Custodial property transfer

RS 9:760

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A transfer may be made only for one minor, and there may be only one custodian.

• Custodianship

RS 9:761

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A transfer made under this Subpart is generally valid and irrevocable, and the custodian receives the Subpart’s rights and powers while the minor does not have rights, powers, duties, or authority over the custodial property except as provided here.

• Asset transfer
• Custodial property

RS 9:762

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A custodian must take control of custodial property, manage it prudently, keep it separate, and keep records; the custodian may also retain transferred property and may invest in certain insurance only if the stated beneficiary conditions are met.

• Custodial property management
• Investment
• Recordkeeping

RS 9:763

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A custodian has the rights, powers, and authority of an unmarried adult owner over custodial property, but only while acting in a custodial capacity.

• Custodial property
• Powers of custodian

RS 9:764

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A custodian may use custodial property for a minor’s benefit without a court order, and a court may order that use on petition in certain cases.

• Minor support
• Property management

RS 9:765

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Stored provisions

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A custodian may be reimbursed for reasonable expenses, may elect each year to charge reasonable compensation (unless a transferor under R.S. 9:754), and generally does not have to post a bond unless R.S. 9:768(F) says otherwise.

• Bond
• Compensation
• Expenses

RS 9:766

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A third person may act on transfer or custody instructions if acting in good faith and without a court order, and is not responsible for checking certain custodian- and transfer-related matters when they lack knowledge.

• Third-party reliance
• Transfer instructions

RS 9:767

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This section limits when a custodian or minor is personally liable for contracts, custodial property obligations, and torts tied to the custodianship.

• Custodial property
• Liability

RS 9:768

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This section lets a custodian decline, resign, or name a successor, and sets out who may replace or remove a custodian and when.

RS 9:769

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Certain people may ask the court for an accounting by a custodian, and if a custodian is removed, the court must require accounting and transfer of the property and records.

• Custodial accounting
• Property transfer

RS 9:770

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Stored provisions

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The custodian must transfer the custodial property to the minor or the minor’s estate when the earliest of three events happens: the minor turns twenty-two, is judicially emancipated, or dies.

• Custodianship
• Property transfer

RS 9:771

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This section says when the Subpart applies to certain transfers and when it can be used to validate them.

• Custodial transfers
• Transfer applicability

RS 9:772

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Transfers of custodial property made before January 1, 1988 are validated, even if there was no specific authority for them at the time, unless applying the rule would impair constitutionally vested rights.

• Custodianship
• Gifts to minors
• Transfer validation

RS 9:773

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This subpart may be cited as the “Louisiana Uniform Transfers to Minors Act.”