TERMS AND CONDITIONS APPLICABLE TO ALL CUSTODIAL ACCOUNTS Sample Clauses
This clause establishes the general rules and requirements that govern all custodial accounts under the agreement. It typically outlines the rights and responsibilities of both the custodian and the account holder, such as procedures for deposits, withdrawals, account maintenance, and reporting. By setting uniform standards, this clause ensures consistency and clarity in the management of custodial accounts, helping to prevent misunderstandings and disputes.
TERMS AND CONDITIONS APPLICABLE TO ALL CUSTODIAL ACCOUNTS a. The transferor/custodian is opening an account as custodian for the minor named on the UTMA Signature Card under the Uniform Transfers to Minors Act. The transfer of money to the minor named on the UTMA Signature Card, which transfer will be deemed to include all dividends and any future deposits or other additions thereto, is irrevocable and is made in accordance with and to include all provisions of the Uniform Transfers to Minors Act now in effect or hereinafter amended.
b. You acknowledge that by signing the UTMA Signature Card, you have received the funds deposited to the account as custodian for the minor named therein under the Uniform Transfers to Minors Act and you agree to the applicable terms and conditions set forth in this Agreement as well as the terms and conditions of the UTMA Signature Card. You acknowledge and agree that neither the donor of the funds nor the custodian is entitled to the use or benefit of the funds, except for the benefit of the minor as allowed by the Uniform Transfers to Minors Act. You also acknowledge and agree that we have no duty whatsoever to monitor or insure that the acts of the custodian (or successor custodian) are for the minor’s benefit.
c. For this type of account, the minor’s Social Security Number/Tax Identification Number is used for the Backup Withholding Certification.
d. Funds in an UTMA may not be pledged as security for any loan(s).
e. The successor custodian named on the UTMA Signature Card will serve if you should be unable to act as custodian because you resign, die, or become legally incapacitated.
f. You, as custodian, agree to indemnify and hold us harmless from and against any and all claims, damages, losses, liabilities, expenses, and fees (including reasonable attorneys’ fees) we may suffer or incur arising out of any action or claim by any beneficiary with respect to the authority or actions taken by you in handling or dealing with the account.
g. Upon the minor reaching the age of eighteen (18), or other age provided under applicable law or stipulated in any applicable court order, you, as custodian, have the responsibility of transferring the money in the account to the minor or to the minor’s estate and closing the account. If you fail to transfer the money in the account to the minor or to the minor’s estate within a reasonable time after the minor reaches the age of eighteen (18), or other age stipulated in any applicable court order, we may pay the funds on deposit in the account t...
TERMS AND CONDITIONS APPLICABLE TO ALL CUSTODIAL ACCOUNTS. The transferor/custodian is opening an account as custodian for the minor named on the Transfer to Minor’s Signature Card under the Uniform Transfers to Minors Act. The transfer of money to the minor named on the Transfer to Minor’s Signature Card, which transfer shall be deemed to include all dividends and any future deposits or other additions thereto, is irrevocable and is made in accordance with and to include all provisions of the said statute of the State of California now in effect or hereinafter amended.
TERMS AND CONDITIONS APPLICABLE TO ALL CUSTODIAL ACCOUNTS. The transferor/custodian is opening an Account as custodian for the minor named on the Signature Card or Share Certificate under the Uniform Transfers to Minors Act. The transfer of money to the minor named on the Signature Card or Share Certificate, which transfer shall be deemed to include all dividends and any future additions thereto, is irrevocable and is made in accordance with and to include all provisions of the said statute of the State of California now in effect or hereinafter amended. You acknowledge that by signing the Signature Card or Share Certificate, you have received the funds deposited to the account as custodian for the minor named herein under the Uniform Transfers to Minors Act. The successor custodian named in the Signature Card or Share Certificate shall serve if you should be unable to act as custodian because you resign, die, or become legally incapacitated.