Code of Virginia

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Code of Virginia
Title 64.2. Wills, Trusts, and Fiduciaries
Chapter 19. Virginia Uniform Transfers to Minors Act

§ 64.2-1911. Care of custodial property; duties of custodian.

A. A custodian shall take control of custodial property, register or record title to custodial property, if appropriate, and collect, hold, manage, invest, and reinvest custodial property.

B. In dealing with custodial property, a custodian shall observe the standard of care set forth in the Uniform Prudent Investor Act (§ 64.2-780 et seq.), except to the extent provided by § 64.2-1502. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor.

C. A custodian may invest in or pay premiums on life insurance or endowment policies on (i) the life of the minor only if the minor or the minor's estate is the sole beneficiary or (ii) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian is the beneficiary during the period of custodianship.

D. A custodian at all times shall keep custodial property separate and
distinct from all other property in a manner sufficient to identify it clearly
as custodial property of the minor. Custodial property consisting of an
undivided interest is so identified if the minor's interest is held as a
tenant in common and is fixed. Custodial property subject to recordation is so
identified if it is recorded, and custodial property subject to registration
is so identified if it is either registered, or held in an account designated,
in the name of the custodian, followed in substance by the words: "as a
custodian for......…(name of minor) under the Virginia Uniform
Transfers to Minors Act."

E. A custodian shall keep records of all transactions with respect to custodial property, including the information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of 14 years.

1988, c. 516, § 31-48; 2007, c. 517; 2012, c. 614.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.