880.69(3)
(3) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
880.69 History
History: 1987 a. 191.
880.695
880.695
Renunciation, resignation, death or removal of custodian; designation of successor custodian. 880.695(1)(1) A person nominated under
s. 880.62 or designated under
s. 880.65 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, the person who made the nomination may nominate a substitute custodian under
s. 880.62; 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 (1). The custodian so designated has the rights of a successor custodian.
880.695(2)
(2) A custodian at any time may designate a trust company or an adult other than a transferor under
s. 880.625 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.
880.695(3)
(3) A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of 14 years and to the successor custodian and by delivering the custodial property to the successor custodian.
880.695(4)
(4) If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the minor has attained the age of 14 years, the minor may designate as successor custodian, in the manner prescribed in
sub. (2), an adult member of the minor's family, a conservator of the minor or a trust company. If the minor has not attained the age of 14 years or fails to act within 60 days after the ineligibility, death or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family or any other interested person may petition the court to designate a successor custodian.
880.695(5)
(5) A custodian who declines to serve under
sub. (1) or resigns under
sub. (3), or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian, by action, may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
880.695(6)
(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 or to require the custodian to give appropriate bond.
880.695 History
History: 1987 a. 191;
1997 a. 188.
880.70
880.70
Accounting by and determination of liability of custodian. 880.70(1)(1) A minor who has attained the age of 14 years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor or a transferor's legal representative may petition the court:
880.70(1)(a)
(a) For an accounting by the custodian or the custodian's legal representative; or
880.70(1)(b)
(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 to which the minor or the minor's legal representative was a party.
880.70(2)
(2) A successor custodian may petition the court for an accounting by the predecessor custodian.
880.70(3)
(3) The court, in a proceeding under
ss. 880.61 to
880.72 or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
880.70(4)
(4) If a custodian is removed under
s. 880.695 (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.
880.70 History
History: 1987 a. 191.
880.705
880.705
Termination of custodianship. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
880.705(1)
(1) The minor's attainment of 21 years of age with respect to custodial property transferred under
s. 880.625 or
880.63;
880.705(2)
(2) The minor's attainment of 18 years of age with respect to custodial property transferred under
s. 880.635 or
880.64; or
880.705 History
History: 1987 a. 191.
880.71
880.71
Applicability. Sections 880.61 to
880.72 apply to a transfer within the scope of
s. 880.615 made after April 8, 1988, if:
880.71(2)
(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 is necessary to validate the transfer.
880.71 History
History: 1987 a. 191.
880.715
880.715
Effect on existing custodianships. 880.715(1)
(1) Any transfer of custodial property as defined in
ss. 880.61 to
880.72 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.
880.715(2)
(2) Sections 880.61 to
880.72 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.
880.715(3)
(3) Sections 880.61 to
880.705 with respect to the age of a minor for whom custodial property is held under
ss. 880.61 to
880.72 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.
880.715(4)
(4) To the extent that
ss. 880.61 to
880.72, 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.
880.715 History
History: 1987 a. 191.
880.72
880.72
Uniformity of application and construction. Sections 880.61 to
880.72 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 among states enacting it.
880.72 History
History: 1987 a. 191.
SECURITIES OWNERSHIP BY MINORS,
INCOMPETENTS AND SPENDTHRIFTS
880.75
880.75
Uniform securities ownership by minors act. 880.75(1)(1)
Definitions. In this section, unless the context otherwise requires:
880.75(1)(a)
(a) "Bank" is a bank, trust company, national banking association, industrial bank or any banking institution incorporated under the laws of this state.
880.75(1)(b)
(b) "Broker" means a person lawfully engaged in the business of effecting transactions in securities for the account of others. The term includes a bank which effects such transactions. The term also includes a person lawfully engaged in buying and selling securities for his or her own account, through a broker or otherwise, as a part of a regular business.
880.75(1)(c)
(c) "Issuer" means a person who places or authorizes the placing of his or her name on a security, other than as a transfer agent, to evidence that it represents a share, participation or other interest in his or her property or in an enterprise or to evidence his or her duty or undertaking to perform an obligation evidenced by the security, or who becomes responsible for or in place of any such person.
880.75(1)(d)
(d) "Person" includes a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, 2 or more persons having a joint or common interest, or any other legal or commercial entity.
880.75(1)(e)
(e) "Security" includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation in, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. The term does not include a security of which the donor is the issuer. A security is in "registered form" when it specifies a person entitled to it or to the rights it evidences and its transfer may be registered upon books maintained for that purpose by or on behalf of the issuer.
880.75(1)(f)
(f) "Third-party" is a person other than a bank, broker, transfer agent or issuer who with respect to a security held by a minor effects a transaction otherwise than directly with the minor.
880.75(1)(g)
(g) "Transfer agent" means a person who acts as authenticating trustee, transfer agent, registrar or other agent for an issuer in the registration of transfers of its securities or in the issue of new securities or in the cancellation of surrendered securities.
880.75(2)
(2) Security transactions involving minors; liability. A bank, broker, issuer, third-party or transfer agent incurs no liability by reason of his or her treating a minor 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-party or transfer agent had received written notice in the office acting in the transaction that the specific security is held by a minor or unless an individual conducting the transaction for the bank, broker, issuer, third-party or transfer agent had actual knowledge of the minority of the holder of the security. Except as otherwise provided in this section, such a bank, broker, issuer, third-party or transfer agent may assume without inquiry that the holder of a security is not a minor.
880.75(3)
(3) Acts of minors not subject to disaffirmance or avoidance. A minor, 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-party or transfer agent to disaffirm or avoid the transaction, unless prior to acting in the transaction the bank, broker, issuer, third-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 minor or unless an individual conducting the transaction for the bank, broker, issuer, third-party or transfer agent had actual knowledge of the minority of the holder.
880.75(4)
(4) Construction. This section shall be so construed as to effectuate its general purpose to make uniform the laws of those states which enact it.
880.75(5)
(5) Interpretation. This section shall supersede any provision of law in conflict therewith.
880.75(6)
(6) Title. This section may be cited as the "Uniform Securities Ownership by Minors Act".
880.75 History
History: 1971 c. 41 ss.
8,
12; Stats. 1971 s. 880.75;
1987 a. 191;
1991 a. 221;
1993 a. 486.
880.76
880.76
Securities ownership by incompetents and spendthrifts. 880.76(1)(1)
Definitions. All definitions in
s. 880.75 (1) (a) to
(e) and
(g) shall apply in this section, unless the context otherwise requires. "Third 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.
880.76(2)
(2) Security transactions involving incompetent or spendthrift; liability. A bank, broker, issuer, third-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-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-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. Except as otherwise provided in this section, such a bank, broker, issuer, third-party or transfer agent may assume without inquiry that the holder of a security is not an incompetent or spendthrift.
880.76(3)
(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-party or transfer agent to disaffirm or avoid the transaction, unless prior to acting in the transaction the bank, broker, issuer, third-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-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.
880.76(4)
(4) Interpretation. This section shall supersede any provision of law in conflict therewith.
880.76 History
History: 1971 c. 41 ss.
8,
12; Stats. 1971 s. 880.76;
1993 a. 486.
UNIFORM CUSTODIAL TRUST ACT
880.81
880.81
Definitions. In this subchapter:
880.81(1)
(1) "Adult" means an individual who is at least 18 years of age.
880.81(2)
(2) "Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this subchapter.
880.81(3)
(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.
880.81(4)
(4) "Court" means the circuit court of this state.
880.81(5)
(5) "Custodial trustee" means a person designated as trustee of a custodial trust under this subchapter or a substitute or successor to the person designated.
880.81(6)
(6) "Custodial trustee property" means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this subchapter and the income from and proceeds of that interest.
880.81(7)
(7) "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, but not a person who is only a guardian ad litem.
880.81(8)
(8) "Incapacitated" means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause.
880.81(9)
(9) "Legal representative" means a personal representative, conservator or guardian of the estate.
880.81(10)
(10) "Member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption.
880.81(11)
(11) "Person" means an individual, corporation, business trust, estate, trust, partnership, joint venture, association or any other legal or commercial entity.
880.81(12)
(12) "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.
880.81(13)
(13) "State" means a state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico.
880.81(14)
(14) "Transferor" means a person who creates a custodial trust by transfer or declaration.
880.81(15)
(15) "Trust company" means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.
880.81 History
History: 1991 a. 246.
880.815
880.815
Custodial trust; general. 880.815(1)
(1) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under the Wisconsin uniform custodial trust act.
880.815(2)
(2) A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property, naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under the Wisconsin uniform custodial trust act. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this subchapter.
880.815(3)
(3) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
880.815(4)
(4) Except as provided in subsection (5), a transferor may not terminate a custodial trust.
880.815(5)
(5) The beneficiary, if not incapacitated, or the conservator or guardian of the estate of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary, conservator or guardian of the estate declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
880.815(6)
(6) Any person may augment existing custodial trust property by the addition of other property pursuant to this subchapter.
880.815(7)
(7) The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
880.815(8)
(8) This subchapter does 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.
880.815 History
History: 1991 a. 246.
880.82
880.82
Custodial trustee for future payment or transfer. 880.82(1)(1) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for.... (name of beneficiary) under the Wisconsin Uniform Custodial Trust Act".
