Feed for /2005/related/acts/387 PDF
(3) "Conservator" Notwithstanding s. 54.01 (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.
(4) "Court" Notwithstanding s. 54.01 (4), "court" means the circuit court.
(5) "Custodial property" means any interest in property transferred to a custodian under ss. 880.61 to 880.72 54.854 to 54.898 and the income from and proceeds of that interest in property.
(6) "Custodian" means a person so designated under s. 880.65 54.870 or a successor or substitute custodian designated under s. 880.695 54.888.
(10) "Minor" Notwithstanding s. 54.01 (20), "minor" means an individual who has not attained the age of 21 years.
(11) "Personal representative" Notwithstanding s. 54.01 (23), "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.
(13) "Transfer" means a transaction that creates custodial property under s. 880.65 54.870.
(14) "Transferor" means a person who makes a transfer under ss. 880.61 to 880.72 54.854 to 54.898.
387,528 Section 528. 880.615 of the statutes is renumbered 54.856, and 54.856 (1) and (2), as renumbered, are amended to read:
54.856 (1) Sections 880.61 to 880.72 54.854 to 54.898 apply to a transfer that refers to ss. 880.61 to 880.72 54.854 to 54.898 in the designation under s. 880.65 54.870 (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 54.854 to 54.898 despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state.
(2) A person designated as custodian under s. 880.65 to 880.695 54.870 to 54.888 is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.
387,529 Section 529. 880.62 of the statutes is renumbered 54.858, and 54.858 (2) and (3), as renumbered, are amended to read:
54.858 (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 54.870 (1).
(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 54.870. 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 54.870.
387,530 Section 530. 880.625 of the statutes is renumbered 54.860 and amended to read:
54.860 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 54.870.
387,531 Section 531. 880.63 of the statutes is renumbered 54.862 and amended to read:
54.862 Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer under s. 880.65 54.870 to a custodian for the benefit of a minor as authorized in the governing will or trust.
(2) If the testator or settlor has nominated a custodian under s. 880.62 54.858 to receive the custodial property, the transfer must be made to that person.
(3) If the testator or settlor has not nominated a custodian under s. 880.62 54.858, 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 54.870 (1).
387,532 Section 532. 880.635 of the statutes is renumbered 54.864, and 54.864 (1) and (2), as renumbered, are amended to read:
54.864 (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 54.870 in the absence of a will or under a will or trust that does not contain an authorization to do so.
(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 54.870.
387,533 Section 533. 880.64 of the statutes is renumbered 54.866 and amended to read:
54.866 Transfer by obligor. (1) Subject to subs. (2) and (3), a person not subject to s. 880.63 or 880.635 54.862 or 54.864 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 54.870.
(2) If a person having the right to do so under s. 880.62 54.858 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3) If no custodian has been nominated under s. 880.62 54.858, 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.
387,534 Section 534. 880.645 of the statutes is renumbered 54.868 and amended to read:
54.868 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 54.854 to 54.898.
387,535 Section 535. 880.65 of the statutes is renumbered 54.870.
387,536 Section 536. 880.655 of the statutes is renumbered 54.872 and amended to read:
54.872 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 54.854 to 54.898 by the same custodian for the benefit of the same minor constitutes a single custodianship.
387,537 Section 537. 880.66 of the statutes is renumbered 54.874 and amended to read:
54.874 Validity and effect of transfer. (1) The validity of a transfer made in a manner prescribed in ss. 880.61 to 880.72 54.854 to 54.898 is not affected by:
(a) Failure of the transferor to comply with s. 880.65 54.870 (3) concerning possession and control;
(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 54.870 (1); or
(c) Death or incapacity of a person nominated under s. 880.62 54.858 or designated under s. 880.65 54.870 as custodian or the disclaimer of the office by that person.
(2) A transfer made under s. 880.65 54.870 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 54.854 to 54.898, 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 54.854 to 54.898.
(3) By making a transfer, the transferor incorporates in the disposition all of the provisions of ss. 880.61 to 880.72 54.854 to 54.898 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 54.854 to 54.898.
387,538 Section 538. 880.665 of the statutes is renumbered 54.876.
387,539 Section 539. 880.67 of the statutes is renumbered 54.878, and 54.878 (2), as renumbered, is amended to read:
54.878 (2) This section does not relieve a custodian from liability for breach of s. 880.665 54.876.
387,540 Section 540. 880.675 of the statutes is renumbered 54.880.
387,541 Section 541. 880.68 of the statutes is renumbered 54.882, and 54.882 (2) and (3), as renumbered, are amended to read:
54.882 (2) Except for a person who is a transferor under s. 880.625 54.860, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.
(3) Except as provided in s. 880.695 54.888 (6), a custodian need not give a bond.
387,542 Section 542. 880.685 of the statutes is renumbered 54.884, and 54.884 (2) and (3), as renumbered, are amended to read:
54.884 (2) The propriety of, or the authority under ss. 880.61 to 880.72 54.854 to 54.898 for, any act of the purported custodian.
(3) The validity or propriety under ss. 880.61 to 880.72 54.854 to 54.898 of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian.
387,543 Section 543. 880.69 of the statutes is renumbered 54.886.
387,544 Section 544. 880.695 of the statutes is renumbered 54.888, and 54.888 (1), (2) and (6), as renumbered are amended to read:
54.888 (1) A person nominated under s. 880.62 54.858 or designated under s. 880.65 54.870 as custodian may decline to serve by delivering a valid disclaimer under s. 854.13 to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing and eligible to serve was nominated under s. 880.62 54.858, the person who made the nomination may nominate a substitute custodian under s. 880.62 54.858; otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under s. 880.65 54.870 (1). The custodian so designated has the rights of a successor custodian.
(2) A custodian at any time may designate a trust company or an adult other than a transferor under s. 880.625 54.860 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated or is removed.
(6) A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the person of the minor, the conservator of the minor or the minor if the minor has attained the age of 14 years may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under s. 880.625 54.860 or to require the custodian to give appropriate bond.
387,545 Section 545. 880.70 of the statutes is renumbered 54.890, and 54.890 (1) (b), (3) and (4), as renumbered, are amended to read:
54.890 (1) (b) For a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under s. 880.69 54.886 to which the minor or the minor's legal representative was a party.
(3) The court, in a proceeding under ss. 880.61 to 880.72 54.854 to 54.898 or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
(4) If a custodian is removed under s. 880.695 54.888 (6), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
387,546 Section 546. 880.705 of the statutes is renumbered 54.892, and 54.892 (1) and (2), as renumbered, are amended to read:
54.892 (1) The minor's attainment of 21 years of age with respect to custodial property transferred under s. 880.625 or 880.63 54.860 or 54.862;
(2) The minor's attainment of 18 years of age with respect to custodial property transferred under s. 880.635 or 880.64 54.864 or 54.866; or
387,547 Section 547. 880.71 of the statutes is renumbered 54.894, and 54.894 (intro.) and (2), as renumbered, are amended to read:
54.894 Applicability. (intro.) Sections 880.61 to 880.72 54.854 to 54.898 apply to a transfer within the scope of s. 880.615 54.856 made after April 8, 1988, if:
(2) The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of ss. 880.61 to 880.72 54.854 to 54.898 is necessary to validate the transfer.
387,548 Section 548. 880.715 of the statutes is renumbered 54.896 and amended to read:
54.896 Effect on existing custodianships. (1) Any transfer of custodial property as defined in ss. 880.61 to 880.72 54.854 to 54.898 made before April 8, 1988, is validated notwithstanding that there was no specific authority in ss. 880.61 to 880.71, 1985 stats., for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2) Sections 880.61 to 880.72 54.854 to 54.898 apply to all transfers made before April 8, 1988, in a manner and form prescribed in ss. 880.61 to 880.71, 1985 stats., except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on April 8, 1988.
(3) Sections 880.61 to 880.705 54.854 to 54.892 with respect to the age of a minor for whom custodial property is held under ss. 880.61 to 880.72 54.854 to 54.898 do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of 18 after March 23, 1972 and before April 8, 1988.
(4) To the extent that ss. 880.61 to 880.72 54.854 to 54.898, by virtue of sub. (2), do not apply to transfers made in a manner prescribed in ss. 880.61 to 880.71, 1985 stats., or to the powers, duties and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the repeal of ss. 880.61 to 880.71, 1985 stats., does not affect those transfers, powers, duties and immunities.
387,549 Section 549. 880.72 of the statutes is renumbered 54.898 and amended to read:
54.898 Uniformity of application and construction. Sections 880.61 to 880.72 54.854 to 54.898 shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of ss. 880.61 to 880.72 54.854 to 54.898 among states enacting it.
387,550 Section 550. Subchapter IV (title) of chapter 880 [precedes 880.75] of the statutes is repealed.
387,551 Section 551. 880.75 of the statutes is renumbered 54.92.
387,552 Section 552. 880.76 of the statutes is renumbered 54.93, and 54.93 (1), (2) and (3), as renumbered, are amended to read:
54.93 (1) Definitions. (a) All definitions in s. 880.75 54.92 (1) (a) to (e) and (g) shall apply in this section, unless the context otherwise requires. "Third
(b) In this section, "3rd party" is a person other than a bank, broker, transfer agent or issuer who with respect to a security held by an incompetent or spendthrift effects a transaction otherwise than directly with the incompetent or spendthrift.
(2) Security transactions involving incompetent or spendthrift; liability. A bank, broker, issuer, third 3rd party, or transfer agent incurs no liability by reason of his or her treating an incompetent or spendthrift as having capacity to transfer a security, to receive or to empower others to receive dividends, interest, principal, or other payments or distributions, to vote or give consent in person or by proxy, or to make elections or exercise rights relating to the security, unless prior to acting in the transaction the bank, broker, issuer, third 3rd party, or transfer agent had received written notice in the office acting in the transaction that the specific security is held by a person who has been adjudicated an incompetent or a spendthrift or unless an individual conducting the transaction for the bank, broker, issuer, third 3rd party, or transfer agent had actual knowledge that the holder of the security is a person who has been adjudicated an incompetent or a spendthrift, or actual knowledge of filing of lis pendens as provided in s. 880.215 54.47. Except as otherwise provided in this section, such a bank, broker, issuer, third 3rd party, or transfer agent may assume without inquiry that the holder of a security is not an incompetent or spendthrift.
(3) Acts not subject to disaffirmance or avoidance. An incompetent or spendthrift, who has transferred a security, received or empowered others to receive dividends, interest, principal, or other payments or distributions, voted or given consent in person or by proxy, or made an election or exercised rights relating to the security, has no right thereafter, as against a bank, broker, issuer, third 3rd party, or transfer agent to disaffirm or avoid the transaction, unless prior to acting in the transaction the bank, broker, issuer, third 3rd party, or transfer agent against whom the transaction is sought to be disaffirmed or avoided had received notice in the office acting in the transaction that the specific security is held by a person who has been adjudicated an incompetent or a spendthrift or unless an individual conducting the transaction for the bank, broker, issuer, third 3rd party, or transfer agent had actual knowledge that the holder is a person who has been adjudicated an incompetent or a spendthrift, or actual knowledge of filing of lis pendens as provided in s. 880.215 54.47.
387,553 Section 553. Subchapter V (title) of chapter 880 [precedes 880.81] of the statutes is repealed.
387,554 Section 554. 880.81 of the statutes is renumbered 54.950, and 54.950 (3), (4), (7) and (12), as renumbered, are amended to read:
54.950 (3) "Conservator" Notwithstanding s. 54.01 (3), "conservator" means a person appointed or qualified by a court by voluntary proceedings to manage the estate of an individual, or a person legally authorized to perform substantially the same functions.
(4) "Court" Notwithstanding s. 54.01 (4), "court" means the circuit court of this state.
(7) "Guardian" Notwithstanding s. 54.01 (10), "guardian" means a person appointed or qualified by a court as a guardian of the person or estate, or both, of an individual, including a limited guardian with limited powers, but not a person who is only a guardian ad litem.
(12) "Personal representative" Notwithstanding s. 54.01 (23), "personal representative" means an executor, administrator or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions or a successor to any of them.
387,555 Section 555. 880.815 of the statutes is renumbered 54.952, and 54.952 (8), as renumbered, is amended to read:
54.952 (8) This subchapter does Sections 54.950 to 54.988 do not displace or restrict other means of creating trusts. A trust whose terms do not conform to this subchapter may be enforceable according to its terms under other law.
387,556 Section 556. 880.82 of the statutes is renumbered 54.954.
387,557 Section 557. 880.825 of the statutes is renumbered 54.956.
387,558 Section 558. 880.83 of the statutes is renumbered 54.958, and 54.958 (1), as renumbered, is amended to read:
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