Common use of Uniform Transfer to Minor Accounts Clause in Contracts

Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account (a "UTTMA") is an individual account established by an individual or trust company as custodian on behalf of a minor (a person under twenty five (25) years of age). The custodian must open the account in the name of the minor, include the minor's social security number, and sign his or her own name on the Account Card. The custodian is the owner of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to withdraw from or close the account. If the custodian dies, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. When the minor attains age twenty-five (25), the account will be payable to the beneficiary upon notification and direction of the minor and custodian. If the minor dies, the account will be closed and funds paid to the minor's estate.

Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account (a "“UTTMA"”) is an individual account established by an individual or trust company as custodian on behalf of a minor (a person under twenty five (25) years of age). The custodian must open the account in the name of the minor, include the minor's ’s social security number, and sign his or her own name on the Account Card. The custodian is the owner of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to withdraw from or close the account. If the custodian dies, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. When the minor attains age twenty-five (25), the account will be payable to the beneficiary upon notification and direction of the minor and custodian. If the minor dies, the account will be closed and funds paid to the minor's ’s estate.