880.61(2) (2) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for that person's account or for the account of others.
880.61(3) (3) "Conservator" means a person appointed or qualified by a court to act as general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions.
880.61(4) (4) "Court" means the circuit court.
880.61(5) (5) "Custodial property" means any interest in property transferred to a custodian under ss. 880.61 to 880.72 and the income from and proceeds of that interest in property.
880.61(6) (6) "Custodian" means a person so designated under s. 880.65 or a successor or substitute custodian designated under s. 880.695.
880.61(7) (7) "Financial institution" means a bank, trust company, savings bank, savings and loan association or other savings institution, or credit union, chartered and supervised under state or federal law.
880.61(8) (8) "Legal representative" means an individual's personal representative or conservator.
880.61(9) (9) "Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.
880.61(10) (10) "Minor" means an individual who has not attained the age of 21 years.
880.61(11) (11) "Personal representative" means an executor, administrator, successor personal representative or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions.
880.61(12) (12) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or possession subject to the legislative authority of the United States.
880.61(13) (13) "Transfer" means a transaction that creates custodial property under s. 880.65.
880.61(14) (14) "Transferor" means a person who makes a transfer under ss. 880.61 to 880.72.
880.61(15) (15) "Trust company" means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
880.61 History History: 1987 a. 191; 1991 a. 221.
880.615 880.615 Scope and jurisdiction.
880.615(1) (1)Sections 880.61 to 880.72 apply to a transfer that refers to ss. 880.61 to 880.72 in the designation under s. 880.65 (1) 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 custodianship so created remains subject to ss. 880.61 to 880.72 despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state.
880.615(2) (2) A person designated as custodian under s. 880.65 to 880.695 is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.
880.615(3) (3) A transfer that purports to be made and which is valid under the uniform transfers to minors act, the uniform gifts to minors act or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer the transferor, the minor or the custodian is a resident of the designated state or the custodial property is located in the designated state.
880.615 History History: 1987 a. 191.
880.62 880.62 Nomination of custodian.
880.62(1) (1) 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: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act". The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights.
880.62(2) (2) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under s. 880.65 (1).
880.62(3) (3) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under s. 880.65. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property under s. 880.65.
880.62 History History: 1987 a. 191.
880.625 880.625 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 under s. 880.65.
880.625 History History: 1987 a. 191.
880.63 880.63 Transfer authorized by will or trust.
880.63(1) (1) A personal representative or trustee may make an irrevocable transfer under s. 880.65 to a custodian for the benefit of a minor as authorized in the governing will or trust.
880.63(2) (2) If the testator or settlor has nominated a custodian under s. 880.62 to receive the custodial property, the transfer must be made to that person.
880.63(3) (3) If the testator or settlor has not nominated a custodian under s. 880.62, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under s. 880.65 (1).
880.63 History History: 1987 a. 191.
880.635 880.635 Other transfer by fiduciary.
880.635(1) (1) Subject to sub. (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under s. 880.65 in the absence of a will or under a will or trust that does not contain an authorization to do so.
880.635(2) (2) Subject to sub. (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under s. 880.65.
880.635(3) (3) A transfer under sub. (1) or (2) may be made only if:
880.635(3)(a) (a) The personal representative, trustee or conservator considers the transfer to be in the best interest of the minor;
880.635(3)(b) (b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and
880.635(3)(c) (c) The transfer is authorized by the court if it exceeds $10,000 in value.
880.635 History History: 1987 a. 191.
880.64 880.64 Transfer by obligor.
880.64(1)(1) Subject to subs. (2) and (3), a person not subject to s. 880.63 or 880.635 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor under s. 880.65.
880.64(2) (2) If a person having the right to do so under s. 880.62 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
880.64(3) (3) If no custodian has been nominated under s. 880.62, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $10,000 in value.
880.64 History History: 1987 a. 191.
880.645 880.645 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 under ss. 880.61 to 880.72.
880.645 History History: 1987 a. 191.
880.65 880.65 Manner of creating custodial property and effecting transfer; designation of initial custodian; control.
880.65(1)(1) Custodial property is created and a transfer is made whenever:
880.65(1)(a) (a) An uncertificated security or a certificated security in registered form is either:
880.65(1)(a)1. 1. Registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
880.65(1)(a)2. 2. Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in sub. (2);
880.65(1)(b) (b) Money is paid or delivered, or a security held in the name of a broker, financial institution or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
880.65(1)(c) (c) The ownership of a life or endowment insurance policy or annuity contract is either:
880.65(1)(c)1. 1. Registered with the issuer in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
880.65(1)(c)2. 2. Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
880.65(1)(d) (d) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer or other obligor that the right is transferred to the transferor, an adult other than the transferor or a trust company, whose name in the notification is followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
880.65(1)(e) (e) An interest in real property is recorded in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
880.65(1)(f) (f) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either:
880.65(1)(f)1. 1. Issued in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
880.65(1)(f)2. 2. Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
880.65(1)(g) (g) An interest in any property not described in pars. (a) to (f) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in sub. (2).
880.65(2) (2) An instrument in the following form satisfies the requirements of sub. (1) (a) 2. and (g):
Transfer under the Wisconsin Uniform
Transfers to Minors Act
I, .... (name of transferor or name and representative capacity if a fiduciary) hereby transfer to .... (name of custodian), as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act, the following: .... (insert a description of the custodial property sufficient to identify it).
Dated: ....
....
(Signature)
.... (name of custodian) acknowledges receipt of the property described above, as custodian for the minor named above under the Wisconsin Uniform Transfers to Minors Act.
Dated: ....
....
(Signature of Custodian)
880.65(3) (3) A transferor shall place the custodian in control of the custodial property as soon as practicable.
880.65 History History: 1987 a. 191.
880.655 880.655 Single custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under ss. 880.61 to 880.72 by the same custodian for the benefit of the same minor constitutes a single custodianship.
880.655 History History: 1987 a. 191.
880.66 880.66 Validity and effect of transfer.
880.66(1) (1) The validity of a transfer made in a manner prescribed in ss. 880.61 to 880.72 is not affected by:
880.66(1)(a) (a) Failure of the transferor to comply with s. 880.65 (3) concerning possession and control;
880.66(1)(b) (b) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under s. 880.65 (1); or
880.66(1)(c) (c) Death or incapacity of a person nominated under s. 880.62 or designated under s. 880.65 as custodian or the disclaimer of the office by that person.
880.66(2) (2) A transfer made under s. 880.65 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in ss. 880.61 to 880.72, and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in ss. 880.61 to 880.72.
880.66(3) (3) By making a transfer, the transferor incorporates in the disposition all of the provisions of ss. 880.61 to 880.72 and grants to the custodian, and to any 3rd person dealing with a person designated as custodian, the respective powers, rights and immunities provided in ss. 880.61 to 880.72.
880.66 History History: 1987 a. 191.
880.665 880.665 Care of custodial property.
880.665(1) (1) A custodian shall:
880.665(1)(a) (a) Take control of custodial property;
880.665(1)(b) (b) Register or record title to custodial property if appropriate; and
Loading...
Loading...
This is an archival version of the Wis. Stats. database for 2003. See Are the Statutes on this Website Official?