760 ILCS 20/1
Short title
Short title. This Act shall be known and may be cited as the "Illinois Uniform Transfers to Minors Act". (Source: P.A. 84-915.)
Illinois Compiled Statutes 760 ILCS 20 — Illinois Uniform Transfers to Minors Act.
Illinois · statute · 760 ILCS 20 · 24 active provisions
760 ILCS 20/2
Definitions
Definitions. In this Act: (1) "Adult" means an individual who has attained the age of 21 years. (2) "Benefit plan" means any pension plan, retirement, death benefit, deferred compensation, employment, agency, stock bonus, option or profit sharing contract, plan, system, account, trust or individual retirement account.…
760 ILCS 20/3
Scope and Jurisdiction
Scope and Jurisdiction. (a) This Act applies to a transfer that refers to this Act in the designation under Section 10(a) 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 custodia…
760 ILCS 20/4
Nomination of Custodian
Nomination of Custodian. (a) 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:…
760 ILCS 20/5
Transfer by Gift or Exercise of Power of Appointment
Transfer by 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 Section 10. (Source: P.A. 84-915.)
760 ILCS 20/6
Authorized Transfers
Authorized Transfers. (a) A representative, trustee or other obligor under a governing instrument may make an irrevocable transfer pursuant to Section 10 to a custodian for the benefit of a minor as authorized in the governing will, trust or other governing instrument. The authorization will be presumed unless the tran…
760 ILCS 20/7
Other Transfer by Fiduciary
Other Transfer by Fiduciary. (a) Subject to subsection (c), a representative may make an irrevocable transfer to an adult or trust company as custodian for the benefit of a minor pursuant to Section 10, in the absence of an authorization to do so. (b) Subject to subsection (c), a guardian may make an irrevocable transf…
760 ILCS 20/8
Transfer by Other Obligor
Transfer by Other Obligor. (a) Subject to subsections (b) and (c), a person not subject to Section 5, 6 or 7 who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to Section 10. (b) If a person having the ri…
760 ILCS 20/9
Receipt for Custodial Property
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 this Act. (Source: P.A. 84-915.)
760 ILCS 20/10
Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control
Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control. (a) Custodial property is created and a transfer is made whenever: (1) an uncertificated security or a certificated security in registered form is either: (i) registered in the name of the transferor, an adult other…
760 ILCS 20/11
Single Custodianship
Single Custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this Act by the same custodian for the benefit of the same minor constitutes a single custodianship. (Source: P.A. 84-915.)
760 ILCS 20/12
Validity and Effect of Transfer
Validity and Effect of Transfer. (a) The validity of a transfer made in a manner prescribed in this Act is not affected by: (1) failure of the transferor to comply with Section 10(c) concerning possession and control; (2) designation of an ineligible custodian; or (3) death or incapacity of a person nominated under Sec…
760 ILCS 20/13
Care of Custodial Property
Care of Custodial Property. (a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. (b) The custodian, notwithstanding statutes restricting investments by fiduciaries, shall…
760 ILCS 20/14
Powers of Custodian
Powers of Custodian. (a) 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. (b) This Section does not relieve a cu…
760 ILCS 20/15
Use of Custodial Property
Use of Custodial Property. (a) 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 (i) the duty or ability of the custodian personally or of an…
760 ILCS 20/16
Custodian's Expenses, Compensation, and Bond
Custodian's Expenses, Compensation, and Bond. (a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (b) Except for one who is a transferor under Section 5, a custodian has a noncumulative election during each calendar year to…
760 ILCS 20/17
Exemption of Third Person from Liability
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…
760 ILCS 20/18
Liability to Third Persons
Liability to Third Persons. (a) A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship, may be asserted against the custodial property by proceeding aga…
760 ILCS 20/19
Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian
Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian. (a) A person nominated under Section 4 or designated under Section 6 or Section 10 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or designation or to the transferor o…
760 ILCS 20/20
Accounting by and Determination of Liability of Custodian
Accounting by and Determination of Liability of Custodian. (a) A minor who has attained the age of 14 years, the minor's representative, an adult member of the minor's family, a transferor, or a transferor's representative may petition the court (i) for an accounting by the custodian or the custodian's representative;…
760 ILCS 20/21
Termination of Custodianship
Termination of Custodianship. (a) The custodian shall transfer in an appropriate manner the custodial property (to the extent that it has not been used pursuant to this Act) to the minor or to the minor's estate upon the earlier of: (1) the minor's attainment of 21 years of age with respect to custodial property transf…
760 ILCS 20/22
Applicability
Applicability. This Act applies to a transfer within the scope of Section 3 made after its effective date if: (1) the transfer purports to have been made under the Uniform Gifts to Minors Act of this State; or (2) the instrument by which the transfer purports to have been made uses in substance the designation "as cust…
760 ILCS 20/23
Effect on Existing Custodianships
Effect on Existing Custodianships. (a) Any transfer of custodial property whether or not now defined in this Act made before the effective date of this Act is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act of this State for the coverage of custodial property of that ki…
760 ILCS 20/24
Uniformity of Application and Construction
Uniformity of Application and Construction. This Act shall be applied and construed to effectuate its general purpose to make uniform to the extent accepted by this State the law with respect to the subject of this Act among states enacting it. (Source: P.A. 84-1129.)