SB391-SSA1, s. 528
21Section
528. 880.615 of the statutes is renumbered 54.856, and 54.856 (1) and
22(2), as renumbered, are amended to read:
SB391-SSA1,242,423
54.856
(1) Sections
880.61 to 880.72
54.854 to 54.898 apply to a transfer that
24refers to ss.
880.61 to 880.72 54.854 to 54.898 in the designation under s.
880.65 2554.870 (1) by which the transfer is made if at the time of the transfer the transferor,
1the minor or the custodian is a resident of this state or the custodial property is
2located in this state. The custodianship so created remains subject to ss.
880.61 to
3880.72 54.854 to 54.898 despite a subsequent change in residence of a transferor, the
4minor or the custodian, or the removal of custodial property from this state.
SB391-SSA1,242,7
5(2) A person designated as custodian under s.
880.65 to 880.695 54.870 to
654.888 is subject to personal jurisdiction in this state with respect to any matter
7relating to the custodianship.
SB391-SSA1, s. 529
8Section
529. 880.62 of the statutes is renumbered 54.858, and 54.858 (2) and
9(3), as renumbered, are amended to read:
SB391-SSA1,242,1110
54.858
(2) A custodian nominated under this section must be a person to whom
11a transfer of property of that kind may be made under s.
880.65 54.870 (1).
SB391-SSA1,242,17
12(3) The nomination of a custodian under this section does not create custodial
13property until the nominating instrument becomes irrevocable or a transfer to the
14nominated custodian is completed under s.
880.65
54.870. Unless the nomination
15of a custodian has been revoked, upon the occurrence of the future event the
16custodianship becomes effective and the custodian shall enforce a transfer of the
17custodial property under s.
880.65 54.870.
SB391-SSA1, s. 530
18Section
530. 880.625 of the statutes is renumbered 54.860 and amended to
19read:
SB391-SSA1,242,22
2054.860 Transfer by gift or exercise of power of appointment. A person
21may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of
22appointment in favor of, a custodian for the benefit of a minor under s.
880.65 54.870.
SB391-SSA1, s. 531
23Section
531. 880.63 of the statutes is renumbered 54.862 and amended to
24read:
SB391-SSA1,243,3
154.862 Transfer authorized by will or trust. (1) A personal representative
2or trustee may make an irrevocable transfer under s.
880.65 54.870 to a custodian
3for the benefit of a minor as authorized in the governing will or trust.
SB391-SSA1,243,5
4(2) If the testator or settlor has nominated a custodian under s.
880.62 54.858 5to receive the custodial property, the transfer must be made to that person.
SB391-SSA1,243,10
6(3) If the testator or settlor has not nominated a custodian under s.
880.62 754.858, or all persons so nominated as custodian die before the transfer or are unable,
8decline or are ineligible to serve, the personal representative or the trustee, as the
9case may be, shall designate the custodian from among those eligible to serve as
10custodian for property of that kind under s.
880.65
54.870 (1).
SB391-SSA1, s. 532
11Section
532. 880.635 of the statutes is renumbered 54.864, and 54.864 (1) and
12(2), as renumbered, are amended to read:
SB391-SSA1,243,1613
54.864
(1) Subject to sub. (3), a personal representative or trustee may make
14an irrevocable transfer to another adult or trust company as custodian for the benefit
15of a minor under s.
880.65 54.870 in the absence of a will or under a will or trust that
16does not contain an authorization to do so.
SB391-SSA1,243,19
17(2) Subject to sub. (3), a conservator may make an irrevocable transfer to
18another adult or trust company as custodian for the benefit of the minor under s.
19880.65 54.870.
SB391-SSA1, s. 533
20Section
533. 880.64 of the statutes is renumbered 54.866 and amended to
21read:
SB391-SSA1,243,25
2254.866 Transfer by obligor. (1) Subject to subs. (2) and (3), a person not
23subject to s.
880.63 or 880.635 54.862 or 54.864 who holds property of or owes a
24liquidated debt to a minor not having a conservator may make an irrevocable
25transfer to a custodian for the benefit of the minor under s.
880.65 54.870.
SB391-SSA1,244,3
1(2) If a person having the right to do so under s.
880.62 54.858 has nominated
2a custodian under that section to receive the custodial property, the transfer must
3be made to that person.
SB391-SSA1,244,8
4(3) If no custodian has been nominated under s.
880.62 54.858, or all persons
5so nominated as custodian die before the transfer or are unable, decline or are
6ineligible to serve, a transfer under this section may be made to an adult member of
7the minor's family or to a trust company unless the property exceeds $10,000 in
8value.
SB391-SSA1, s. 534
9Section
534. 880.645 of the statutes is renumbered 54.868 and amended to
10read:
SB391-SSA1,244,13
1154.868 Receipt for custodial property. A written acknowledgment of
12delivery by a custodian constitutes a sufficient receipt and discharge for custodial
13property transferred to the custodian under ss.
880.61 to 880.72 54.854 to 54.898.
SB391-SSA1, s. 536
15Section
536. 880.655 of the statutes is renumbered 54.872 and amended to
16read:
SB391-SSA1,244,20
1754.872 Single custodianship. A transfer may be made only for one minor,
18and only one person may be the custodian. All custodial property held under ss.
19880.61 to 880.72 54.854 to 54.898 by the same custodian for the benefit of the same
20minor constitutes a single custodianship.
SB391-SSA1, s. 537
21Section
537. 880.66 of the statutes is renumbered 54.874 and amended to
22read:
SB391-SSA1,244,24
2354.874 Validity and effect of transfer.
(1) The validity of a transfer made
24in a manner prescribed in ss.
880.61 to 880.72 54.854 to 54.898 is not affected by:
SB391-SSA1,245,2
1(a) Failure of the transferor to comply with s.
880.65 54.870 (3) concerning
2possession and control;
SB391-SSA1,245,53
(b) Designation of an ineligible custodian, except designation of the transferor
4in the case of property for which the transferor is ineligible to serve as custodian
5under s.
880.65 54.870 (1); or
SB391-SSA1,245,86
(c) Death or incapacity of a person nominated under s.
880.62 54.858 or
7designated under s.
880.65 54.870 as custodian or the disclaimer of the office by that
8person.
SB391-SSA1,245,14
9(2) A transfer made under s.
880.65
54.870 is irrevocable, and the custodial
10property is indefeasibly vested in the minor, but the custodian has all the rights,
11powers, duties and authority provided in ss.
880.61 to 880.72 54.854 to 54.898, and
12neither the minor nor the minor's legal representative has any right, power, duty or
13authority with respect to the custodial property except as provided in ss.
880.61 to
14880.72 54.854 to 54.898.
SB391-SSA1,245,18
15(3) By making a transfer, the transferor incorporates in the disposition all of
16the provisions of ss.
880.61 to 880.72 54.854 to 54.898 and grants to the custodian,
17and to any 3rd person dealing with a person designated as custodian, the respective
18powers, rights and immunities provided in ss.
880.61 to 880.72 54.854 to 54.898.
SB391-SSA1, s. 539
20Section
539. 880.67 of the statutes is renumbered 54.878, and 54.878 (2), as
21renumbered, is amended to read:
SB391-SSA1,245,2322
54.878
(2) This section does not relieve a custodian from liability for breach of
23s.
880.665 54.876.
SB391-SSA1, s. 541
1Section
541. 880.68 of the statutes is renumbered 54.882, and 54.882 (2) and
2(3), as renumbered, are amended to read:
SB391-SSA1,246,53
54.882
(2) Except for a person who is a transferor under s.
880.625 54.860, a
4custodian has a noncumulative election during each calendar year to charge
5reasonable compensation for services performed during that year.
SB391-SSA1,246,6
6(3) Except as provided in s.
880.695
54.888 (6), a custodian need not give a bond.
SB391-SSA1, s. 542
7Section
542. 880.685 of the statutes is renumbered 54.884, and 54.884 (2) and
8(3), as renumbered, are amended to read:
SB391-SSA1,246,109
54.884
(2) The propriety of, or the authority under ss.
880.61 to 880.72 54.854
10to 54.898 for, any act of the purported custodian.
SB391-SSA1,246,13
11(3) The validity or propriety under ss.
880.61 to 880.72 54.854 to 54.898 of any
12instrument or instructions executed or given either by the person purporting to make
13a transfer or by the purported custodian.
SB391-SSA1, s. 544
15Section
544. 880.695 of the statutes is renumbered 54.888, and 54.888 (1), (2)
16and (6), as renumbered are amended to read:
SB391-SSA1,247,217
54.888
(1) A person nominated under s.
880.62 54.858 or designated under s.
18880.65 54.870 as custodian may decline to serve by delivering a valid disclaimer
19under s. 854.13 to the person who made the nomination or to the transferor or the
20transferor's legal representative. If the event giving rise to a transfer has not
21occurred and no substitute custodian able, willing and eligible to serve was
22nominated under s.
880.62 54.858, the person who made the nomination may
23nominate a substitute custodian under s.
880.62 54.858; otherwise the transferor or
24the transferor's legal representative shall designate a substitute custodian at the
25time of the transfer, in either case from among the persons eligible to serve as
1custodian for that kind of property under s.
880.65 54.870 (1). The custodian so
2designated has the rights of a successor custodian.
SB391-SSA1,247,8
3(2) A custodian at any time may designate a trust company or an adult other
4than a transferor under s.
880.625 54.860 as successor custodian by executing and
5dating an instrument of designation before a subscribing witness other than the
6successor. If the instrument of designation does not contain or is not accompanied
7by the resignation of the custodian, the designation of the successor does not take
8effect until the custodian resigns, dies, becomes incapacitated or is removed.
SB391-SSA1,247,14
9(6) A transferor, the legal representative of a transferor, an adult member of
10the minor's family, a guardian of the person of the minor, the conservator of the minor
11or the minor if the minor has attained the age of 14 years may petition the court to
12remove the custodian for cause and to designate a successor custodian other than a
13transferor under s.
880.625 54.860 or to require the custodian to give appropriate
14bond.
SB391-SSA1, s. 545
15Section
545. 880.70 of the statutes is renumbered 54.890, and 54.890 (1) (b),
16(3) and (4), as renumbered, are amended to read:
SB391-SSA1,247,2017
54.890
(1) (b) For a determination of responsibility, as between the custodial
18property and the custodian personally, for claims against the custodial property
19unless the responsibility has been adjudicated in an action under s.
880.69 54.886 20to which the minor or the minor's legal representative was a party.
SB391-SSA1,247,23
21(3) The court, in a proceeding under ss.
880.61 to 880.72 54.854 to 54.898 or
22in any other proceeding, may require or permit the custodian or the custodian's legal
23representative to account.
SB391-SSA1,248,2
24(4) If a custodian is removed under s.
880.695 54.888 (6), the court shall require
25an accounting and order delivery of the custodial property and records to the
1successor custodian and the execution of all instruments required for transfer of the
2custodial property.
SB391-SSA1, s. 546
3Section
546. 880.705 of the statutes is renumbered 54.892, and 54.892 (1) and
4(2), as renumbered, are amended to read:
SB391-SSA1,248,65
54.892
(1) The minor's attainment of 21 years of age with respect to custodial
6property transferred under s.
880.625 or 880.63 54.860 or 54.862;
SB391-SSA1,248,8
7(2) The minor's attainment of 18 years of age with respect to custodial property
8transferred under s.
880.635 or 880.64 54.864 or 54.866; or
SB391-SSA1, s. 547
9Section
547. 880.71 of the statutes is renumbered 54.894, and 54.894 (intro.)
10and (2), as renumbered, are amended to read:
SB391-SSA1,248,12
1154.894 Applicability. (intro.) Sections
880.61 to 880.72 54.854 to 54.898 12apply to a transfer within the scope of s.
880.615
54.856 made after April 8, 1988, if:
SB391-SSA1,248,17
13(2) The instrument by which the transfer purports to have been made uses in
14substance the designation "as custodian under the Uniform Gifts to Minors Act" or
15"as custodian under the Uniform Transfers to Minors Act" of any other state, and the
16application of ss.
880.61 to 880.72 54.854 to 54.898 is necessary to validate the
17transfer.
SB391-SSA1, s. 548
18Section
548. 880.715 of the statutes is renumbered 54.896 and amended to
19read:
SB391-SSA1,248,24
2054.896 Effect on existing custodianships. (1) Any transfer of custodial
21property as defined in ss.
880.61 to 880.72 54.854 to 54.898 made before April 8, 1988,
22is validated notwithstanding that there was no specific authority in ss. 880.61 to
23880.71, 1985 stats., for the coverage of custodial property of that kind or for a transfer
24from that source at the time the transfer was made.
SB391-SSA1,249,4
1(2) Sections
880.61 to 880.72
54.854 to 54.898 apply to all transfers made before
2April 8, 1988, in a manner and form prescribed in ss. 880.61 to 880.71, 1985 stats.,
3except insofar as the application impairs constitutionally vested rights or extends
4the duration of custodianships in existence on April 8, 1988.
SB391-SSA1,249,9
5(3) Sections
880.61 to 880.705 54.854 to 54.892 with respect to the age of a
6minor for whom custodial property is held under ss.
880.61 to 880.72 54.854 to 54.898 7do not apply to custodial property held in a custodianship that terminated because
8of the minor's attainment of the age of 18 after March 23, 1972 and before April 8,
91988.
SB391-SSA1,249,15
10(4) To the extent that ss.
880.61 to 880.72 54.854 to 54.898, by virtue of sub.
11(2), do not apply to transfers made in a manner prescribed in ss. 880.61 to 880.71,
121985 stats., or to the powers, duties and immunities conferred by transfers in that
13manner upon custodians and persons dealing with custodians, the repeal of ss.
14880.61 to 880.71, 1985 stats., does not affect those transfers, powers, duties and
15immunities.
SB391-SSA1, s. 549
16Section
549. 880.72 of the statutes is renumbered 54.898 and amended to
17read:
SB391-SSA1,249,21
1854.898 Uniformity of application and construction. Sections
880.61 to
19880.72 54.854 to 54.898 shall be applied and construed to effectuate their general
20purpose to make uniform the law with respect to the subject of ss.
880.61 to 880.72 2154.854 to 54.898 among states enacting it.
SB391-SSA1, s. 550
22Section
550. Subchapter IV (title) of chapter 880 [precedes 880.75] of the
23statutes is repealed.
SB391-SSA1, s. 552
1Section
552. 880.76 of the statutes is renumbered 54.93, and 54.93 (1), (2) and
2(3), as renumbered, are amended to read:
SB391-SSA1,250,43
54.93
(1) Definitions. (a) All definitions in s.
880.75 54.92 (1) (a) to (e) and (g)
4shall apply in this section, unless the context otherwise requires.
"Third
SB391-SSA1,250,7
5(b) In this section, "3rd party" is a person other than a bank, broker, transfer
6agent or issuer who with respect to a security held by an incompetent or spendthrift
7effects a transaction otherwise than directly with the incompetent or spendthrift.
SB391-SSA1,250,23
8(2) Security transactions involving incompetent or spendthrift; liability. 9A bank, broker, issuer,
third 3rd party
, or transfer agent incurs no liability by reason
10of his or her treating an incompetent or spendthrift as having capacity to transfer
11a security, to receive or to empower others to receive dividends, interest, principal,
12or other payments or distributions, to vote or give consent in person or by proxy, or
13to make elections or exercise rights relating to the security, unless prior to acting in
14the transaction the bank, broker, issuer,
third 3rd party
, or transfer agent had
15received written notice in the office acting in the transaction that the specific security
16is held by a person who has been adjudicated an incompetent or a spendthrift or
17unless an individual conducting the transaction for the bank, broker, issuer,
third 183rd party
, or transfer agent had actual knowledge that the holder of the security is
19a person who has been adjudicated an incompetent or a spendthrift, or actual
20knowledge of filing of lis pendens as provided in s.
880.215 54.47. Except as
21otherwise provided in this section, such a bank, broker, issuer,
third 3rd party
, or
22transfer agent may assume without inquiry that the holder of a security is not an
23incompetent or spendthrift.
SB391-SSA1,251,12
24(3) Acts not subject to disaffirmance or avoidance. An incompetent or
25spendthrift, who has transferred a security, received or empowered others to receive
1dividends, interest, principal, or other payments or distributions, voted or given
2consent in person or by proxy, or made an election or exercised rights relating to the
3security, has no right thereafter, as against a bank, broker, issuer,
third 3rd party
, 4or transfer agent to disaffirm or avoid the transaction, unless prior to acting in the
5transaction the bank, broker, issuer,
third 3rd party
, or transfer agent against whom
6the transaction is sought to be disaffirmed or avoided had received notice in the office
7acting in the transaction that the specific security is held by a person who has been
8adjudicated an incompetent or a spendthrift or unless an individual conducting the
9transaction for the bank, broker, issuer,
third 3rd party
, or transfer agent had actual
10knowledge that the holder is a person who has been adjudicated an incompetent or
11a spendthrift, or actual knowledge of filing of lis pendens as provided in s.
880.215
1254.47.
SB391-SSA1, s. 553
13Section
553. Subchapter V (title) of chapter 880 [precedes 880.81] of the
14statutes is repealed.
SB391-SSA1, s. 554
15Section
554. 880.81 of the statutes is renumbered 54.950, and 54.950 (3), (4),
16(7) and (12), as renumbered, are amended to read:
SB391-SSA1,251,2017
54.950
(3) "Conservator" Notwithstanding s. 54.01 (3), "conservator" means a
18person appointed or qualified by a court by voluntary proceedings to manage the
19estate of an individual, or a person legally authorized to perform substantially the
20same functions.
SB391-SSA1,251,22
21(4) "Court" Notwithstanding s. 54.01 (4), "court" means the circuit court of this
22state.
SB391-SSA1,252,2
23(7) "Guardian" Notwithstanding s. 54.01 (10), "guardian" means a person
24appointed or qualified by a court as a guardian of the person or estate, or both, of an
1individual, including a
limited guardian
with limited powers, but not a person who
2is only a guardian ad litem.
SB391-SSA1,252,6
3(12) "Personal representative"
Notwithstanding s. 54.01 (23), "personal
4representative" means an executor, administrator or special administrator of a
5decedent's estate, a person legally authorized to perform substantially the same
6functions or a successor to any of them.
SB391-SSA1, s. 555
7Section
555. 880.815 of the statutes is renumbered 54.952, and 54.952 (8), as
8renumbered, is amended to read:
SB391-SSA1,252,119
54.952
(8) This subchapter does Sections 54.950 to 54.988 do not displace or
10restrict other means of creating trusts. A trust whose terms do not conform to this
11subchapter may be enforceable according to its terms under other law.
SB391-SSA1, s. 558
14Section
558. 880.83 of the statutes is renumbered 54.958, and 54.958 (1), as
15renumbered, is amended to read:
SB391-SSA1,252,2216
54.958
(1) Unless otherwise directed by an instrument designating a custodial
17trustee pursuant to s.
880.82 54.954, a person, including a fiduciary other than a
18custodial trustee, who holds property of or owes a debt to an incapacitated individual
19not having a conservator or guardian of the estate may make a transfer to an adult
20member of the beneficiary's family or to a trust company as custodial trustee for the
21use and benefit of the incapacitated individual. If the value of the property or the
22debt exceeds $10,000, the transfer is not effective unless authorized by the court.
SB391-SSA1, s. 559
23Section
559. 880.835 of the statutes is renumbered 54.960, and 54.960 (3), as
24renumbered, is amended to read:
SB391-SSA1,253,3
154.960
(3) A custodial trustee of custodial trust property held for more than one
2beneficiary shall separately account to each beneficiary pursuant to ss.
880.84 and
3880.88 54.962 and 54.978 for the administration of the custodial trust.
SB391-SSA1, s. 561
5Section
561. 880.845 of the statutes is renumbered 54.964, and 54.964 (2), as
6renumbered, is amended to read:
SB391-SSA1,253,87
54.964
(2) This section does not relieve a custodial trustee from liability for a
8violation of s.
880.84 54.962.
SB391-SSA1, s. 563
10Section
563. 880.855 of the statutes is renumbered 54.968, and 54.968 (1) (a),
11as renumbered, is amended to read: