§ 34-13-125 — Care of custodial property

Wyoming § 34-13-125

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 13: TRANSFERS TO MINORS

Text

(a) A custodian shall:
(i) Take control of custodial property;
(ii) Register or record title to custodial property
if appropriate; and
(iii) Collect, hold, manage, invest and reinvest
custodial property.
(b) In dealing with custodial property, a custodian shall
observe the standard of care that would be observed by a prudent
person dealing with property of another and is not limited by
any other statute restricting investments by fiduciaries. If a
custodian has special skills or is named custodian on the basis
of representations of special skills or expertise, the custodian
is under a duty to use those skills. 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 irrevocable beneficiary.
(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 Wyoming Uniform Transfers to
Minors Act".
(e) A custodian shall keep records of all transactions
with respect to custodial property, including 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 fourteen (14) years.