Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

The Matrimonial StrategistLJN NewslettersNewsSections

Perplexing Problems Under the Uniform Transfers to Minors Act

By Paul L. Feinstein
May 26, 2009

The Uniform Transfers to Minors Act (hereinafter “UTMA”), like its predecessor, The Uniform Gifts to Minors Act (hereinafter “UGMA”), is a comprehensive statutory scheme designed to allow money and property to be transferred to children easily. However, like all statutes, disputes arise that require an examination of relevant case law, and such disputes have crept into family law and related proceedings. Becoming familiar with the UTMA will help you avoid problems in settling or trying cases that involve custodial assets.

Statutory references for illustrative purposes will be to the Illinois Act, 760 ILCS 20/1 et seq., all of which sections are said in the Historical and Statutory Notes to be similar to the corresponding provisions in the Uniform Act. One of the things you need to do is check your state to see whether the age of majority is altered. For example, in Illinois, a minor is defined as a person under 18, and a person who is 18 is of legal age for all purposes except as provided in the UTMA. The Illinois UTMA then defines an adult as an individual who has attained the age of 21 years. 760 ILCS 20/2. Some divorce judgments have attempted to appoint two individuals as co-custodians. Be aware that under the UTMA, only one person may be the custodian. 760 ILCS 20/11.

This premium content is locked for LJN Newsletters subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

The DOJ's New Parameters for Evaluating Corporate Compliance Programs Image

The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.

Use of Deferred Prosecution Agreements In White Collar Investigations Image

This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability Image

This article explores legal developments over the past year that may impact compliance officer personal liability.