Common use of Uniform Transfers to Minors Clause in Contracts

Uniform Transfers to Minors. If you have established the Account as a custodian for a minor beneficiary under our state version of the Uniform Transfers to Minors Act, your rights and duties are governed by the Act. Deposits in the Account will be held by us for the exclusive right and benefit of the minor. The custodian and/or any person opening the Account, in their individual capacity, agree to indemnify and hold us harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney’s fees, we may suffer or incur arising out of any action or claim by any beneficiary or other custodian with respect to the authority or actions or claim by any beneficiary or other custodian with respect to the authority or actions taken by the custodian in handling or dealing with the Account.