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Delaware Laws | Title 12 Decedents' Estates and Fiduciary Relations
Sec. 4308. Territorial application.

(b) This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this State in connection with the acquisition, disposition, assignment or transfer of a security by or to a fiduciary and of a person who guarantees in this State the signature of a fiduciary in connection with such a transaction. (5580)

(12 Del. C. 1953, Sec. 4308; 54 Del. Laws, c. 141.) (5581)

Sec. 4309. Tax obligations. (5582)(Text)

This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession or other taxes imposed by the laws of this State. (5583)

(12 Del. C. 1953, Sec. 4309; 54 Del. Laws, c. 141.) (5584)

Sec. 4310. Uniformity of interpretation. (5585)(Text)

This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. (5586)

(12 Del. C. 1953, Sec. 4310; 54 Del. Laws, c. 141.) (5587)

Sec. 4311. Short title. (5588)(Text)

This chapter may be cited as the "Uniform Act for Simplification of Fiduciary Security Transfers." (5589)

(12 Del. C. 1953, Sec. 4311; 54 Del. Laws, c. 141.) (5590)

Decedents' Estates and Fiduciary Relations Fiduciary Relations (5591)


Sec. 4501. Definitions. (5593)(Text)

In this chapter: (5594)

(1) "Adult" means an individual who has attained the age of 21 years. (5595)

(2) "Benefit plan" means an employer's plan for the benefit of an employee or partner. (5596)

(3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. (5597)

(4) "Court" means Court of Chancery. (5598)

(5) "Custodial property" means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property. (5599)

(6) "Custodian" means a person so designated under Sec. 4509 of this title or a successor or substitute custodian designated under Sec. 4518 of this title. (5600)

(7) "Financial institution" means a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law. (5601)

(8) "Guardian" means a person appointed or qualified by a court to act as general, limited or temporary guardian or conservator of a minor's property. (5602)

(9) "Legal representative" means an individual's personal representative or conservator. (5603)

(10) "Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of whole or half-blood or by adoption. (5604)

(11) "Minor" means an individual who has not attained the age of 21 years. (5605)

(12) "Person" means an individual, corporation, organization or other legal entity. (5606)

(13) "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. (5607)

(14) "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. (5608)

(15) "Transfer" means a transaction that creates custodial property under Sec. 4509 of this title. (5609)

(16) "Transferor" means a person who makes a transfer under this chapter. (5610)

(17) "Trust company" means a financial institution, corporation or other legal entity authorized to exercise general trust powers. (5611)

(70 Del. Laws, c. 393, Sec. 1; 70 Del. Laws, c. 186, Sec. 1; 71 Del. Laws, c. 196, Sec. 1; 74 Del. Laws, c. 269, Sec. 1.) (5612)

Sec. 4502. Scope and jurisdiction. (5613)(Text)

(a) This chapter applies to a transfer that refers to this chapter in the designation under Sec. 4509(a) of this title 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 this chapter despite a subsequent change in residence of a transferor, the minor or the custodian or the removal of custodial property from this State. (5614)

(b) A person designated as custodian under this chapter is subject to personal jurisdiction in this State with respect to any matter relating to the custodianship. (5615)

(c) 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. (5616)

(70 Del. Laws, c. 393, Sec. 1.) (5617)

Sec. 4503. Nomination of custodian. (5618)(Text)

(a) 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 Delaware Uniform Transfers to Minors Act." The nomination may name 1 or more persons as substitute custodians to whom the property must be transferred, in the order named, if the 1st 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 in writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights. (5619)

(b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under Sec. 4509(a) of this title. (5620)

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