Table of Contents Secs. 45a-546 to 45a-556. (Formerly Secs. 45-101 to 45-109b). Definitions.
Methods of making gifts. Gift, devise or bequest to be irrevocable. Rights and
powers granted custodian, issuers, transfer agents, brokers. Powers and duties of
custodian. Reimbursement of custodian. Responsibility of issuer, transfer agent,
bank, life insurance company, savings and loan association, credit union, broker
or other person. Successor custodian. Registration of custodian. Petition for accounting. Construction. Not exclusive method of gift. Prior gifts of interests in
real property. Custodial property held in custodianship which terminates after
December 31, 1972, and before October 1, 1980. Sections 45a-546 to 45a-556, inclusive, are repealed. (Return to TOC) (Return to Chapters) (Return to Titles) Sec. 45a-557. Short title: Connecticut Uniform Transfers to Minors Act. Sections 45a-557 to 45a-560b, inclusive, may be cited as the "Connecticut Uniform Transfers to Minors Act". Sec. 45a-557a. Definitions. For purposes of sections 45a-557 to 45a-560b, inclusive: Sec. 45a-557b. Scope and jurisdiction. (a) Sections 45a-557 to 45a-560b, inclusive, apply to a transfer that refers to said sections in the designation under subsection
(a) of section 45a-558f 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. Courts of probate in any district in which the transferor, the minor
or the custodian is resident, or in which the custodial property is located shall have
jurisdiction of any disputes or matters involving custodianship under sections 45a-557
to 45a-560b, inclusive. The custodianship so created remains subject to said sections
and to such probate court jurisdiction despite a subsequent change in residence of a
transferor, the minor or the custodian, or the removal of custodial property from this state. Sec. 45a-558. Nomination of custodian. (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 Connecticut Uniform Transfers to Minors
Act". The nomination may name one or more persons as substitute custodians to whom
the property shall be transferred, in the order named, if the first 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 a writing designating a beneficiary of contractual rights which is registered with
or delivered to the payor, issuer or other obligor of the contractual rights. Sec. 45a-558a. Transfer by gift or exercise of power. A person may make a
transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in
favor of, a custodian for the benefit of a minor pursuant to section 45a-558f. Sec. 45a-558b. Transfer authorized by will or trust. (a) A personal representative or trustee may make an irrevocable transfer pursuant to section 45a-558f to a custodian for the benefit of a minor as authorized in the governing will or trust. Sec. 45a-558c. Other transfer by fiduciary. (a) Subject to subsection (c) of this
section, a personal representative or trustee may make an irrevocable transfer to another
adult or trust company as custodian for the benefit of a minor pursuant to section 45a-
558f, in the absence of a will or under a will or trust that does not contain an authorization
to do so. Sec. 45a-558d. Transfer by obligor. (a) Subject to subsections (b) and (c) of this
section, a person not subject to section 45a-558b or 45a-558c who holds property of or
owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer
to a custodian for the benefit of the minor pursuant to section 45a-558f. Sec. 45a-558e. Receipt for custodial property. A written acknowledgment of
delivery by a custodian constitutes a sufficient release and discharge for custodial property transferred to the custodian pursuant to sections 45a-557 to 45a-560b, inclusive. I, .... (name of transferor or name and representative capacity if a fiduciary) hereby
transfer to .... (name of custodian), as custodian for .... (name of minor) under the Connecticut Uniform Transfers to Minors Act, the following: (Insert a description of the
custodial property sufficient to identify it.) .... (name of custodian) acknowledges receipt of the property described above as
custodian for the minor named above under the Connecticut Uniform Transfers to Minors Act. (c) A transferor shall place the custodian in control of the custodial property as soon
as practicable. Sec. 45a-558g. Single guardianship. A transfer may be made for only one minor,
and only one person may be the custodian. All custodial property held under sections
45a-557 to 45a-560b, inclusive, by the same custodian for the benefit of the same minor
constitutes a single custodianship. Sec. 45a-558h. Validity and effect of transfer. (a) The validity of a transfer made
in a manner prescribed in sections 45a-557 to 45a-560b, inclusive, is not affected by:
(1) Failure of the transferor to comply with subsection (c) of section 45a-558f concerning
possession and control; (2) designation of an ineligible custodian, except designation
of the transferor in the case of property for which the transferor is ineligible to serve as
custodian under subsection (a) of section 45a-558f; or (3) death or incapacity of a person
nominated under section 45a-558 or designated under section 45a-558f as custodian or
the disclaimer of the office by that person. Sec. 45a-558i. Care and control of custodial property. (a) A custodian shall: (1)
Take control of custodial property; (2) register or record title to custodial property if
appropriate; and (3) collect, hold, manage, invest and reinvest custodial property. Sec. 45a-558j. Powers of custodian. (a) A custodian, acting in a custodial capacity, has all the rights, powers and authority over custodial property that unmarried adult
owners have over their own property including, to the extent applicable and consistent
with sections 45a-557 to 45a-560b, inclusive, powers pursuant to section 45a-234, but
a custodian may exercise those rights, powers and authority in that custodian's fiduciary
capacity only. Sec. 45a-558k. Use of custodial property. (a) A custodian may deliver or pay to
the minor or expend for the minor's benefit so much of the custodial property as the
custodian considers advisable for the use and benefit of the minor, without court order
and without regard to (1) the duty or ability of the custodian personally or of any other
person to support the minor, or (2) any other income or property of the minor which
may be applicable or available for that purpose. Sec. 45a-559. Custodian's expenses, compensation and bond. (a) A custodian
is entitled to reimbursement from custodial property for reasonable expenses incurred
in the performance of the custodian's duties. Sec. 45a-559a. Exemption of third party from liability. A third person in good
faith and without court order may act on the instructions of or otherwise deal with any
person purporting to make a transfer or purporting to act in the capacity of a custodian
and, in the absence of knowledge, is not responsible for determining: (1) The validity
of the purported custodian's designation; (2) the propriety of, or the authority under
sections 45a-557 to 45a-560b, inclusive, for, any act of the purported custodian; (3) the
validity or propriety under sections 45a-557 to 45a-560b, inclusive, of any instrument
or instructions executed or given either by the person purporting to make a transfer or
by the purported custodian; or (4) the propriety of the application of any property of the
minor delivered to the purported custodian. Sec. 45a-559b. Liability to third persons. (a) A claim based on (1) a contract
entered into by a custodian acting in a custodial capacity, (2) an obligation arising from
the ownership or control of custodial property, or (3) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally
liable therefor. Sec. 45a-559c. Renunciation, resignation, death or removal of custodian. Designation of successor custodian. (a) A person nominated under section 45a-558 or
designated under section 45a-558f as custodian may decline to serve by delivering a
valid disclaimer 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
section 45a-558, the person who made the nomination may nominate a substitute custodian under section 45a-558; 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 subsection (a) of section 45a-558f. The custodian so designated has the rights of a successor
custodian. Sec. 45a-559d. Accounting by and determination of liability of custodian. (a)
A minor who has attained the age of twelve 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 (1) for an accounting by the custodian
or the custodian's legal representative, or (2) 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
section 45a-559b to which the minor or the minor's legal representative was a party. Sec. 45a-559e. Termination of custodianship. The custodian shall transfer in an
appropriate manner the custodial property to the minor, the legal representative of the
minor or the personal representative of the minor's estate upon the earlier of (1) the
minor's attainment of twenty-one years of age, or (2) the minor's death. Sec. 45a-560. Applicability. The provisions of sections 45a-557 to 45a-560b, inclusive, shall apply to a transfer within the scope of section 45a-557b made after October
1, 1995, if: (1) The transfer purports to have been made under the Connecticut Uniform
Gifts to Minors Act, sections 45a-546 to 45a-556, inclusive, revision of 1958, revised
to January 1, 1995; or (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 sections 45a-557 to 45a-560b, inclusive, is necessary to validate
the transfer. Sec. 45a-560a. Effect on existing custodianships. (a) Any transfer of custodial
property as defined in sections 45a-557 to 45a-560b, inclusive, made before October 1,
1995, is validated notwithstanding that there was no specific authority in the Connecticut
Uniform Gifts to Minors Act, sections 45a-546 to 45a-556, inclusive, revision of 1958,
revised to January 1, 1995, for the coverage of custodial property of that kind or for a
transfer from that source at the time the transfer was made. Sec. 45a-560b. Uniformity of application and construction. Sections 45a-557
to 45a-560b, inclusive, shall be applied and construed to effectuate their general purpose
to make uniform the law with respect to the subject of sections 45a-557 to 45a-560b,
inclusive, among states enacting them.
Secs. 45a-546 to 45a-556. (Formerly Secs. 45-101 to 45-109b). Definitions. Methods of
making gifts. Gift, devise or bequest to be irrevocable. Rights and powers granted custodian, issuers, transfer agents, brokers. Powers and duties of custodian. Reimbursement of
custodian. Responsibility of issuer, transfer agent, bank, life insurance company, savings
and loan association, credit union, broker or other person. Successor custodian. Registration of custodian. Petition for accounting. Construction. Not exclusive method of gift.
Prior gifts of interests in real property. Custodial property held in custodianship which
terminates after December 31, 1972, and before October 1, 1980.
Sec. 45a-557. Short title: Connecticut Uniform Transfers to Minors Act.
Sec. 45a-557a. Definitions.
Sec. 45a-557b. Scope and jurisdiction.
Sec. 45a-558. Nomination of custodian.
Sec. 45a-558a. Transfer by gift or exercise of power.
Sec. 45a-558b. Transfer authorized by will or trust.
Sec. 45a-558c. Other transfer by fiduciary.
Sec. 45a-558d. Transfer by obligor.
Sec. 45a-558e. Receipt for custodial property.
Sec. 45a-558f. Creation and transfer of custodial property. Designation of initial custodian. Control.
Sec. 45a-558g. Single guardianship.
Sec. 45a-558h. Validity and effect of transfer.
Sec. 45a-558i. Care and control of custodial property.
Sec. 45a-558j. Powers of custodian.
Sec. 45a-558k. Use of custodial property.
Sec. 45a-559. Custodian's expenses, compensation and bond.
Sec. 45a-559a. Exemption of third party from liability.
Sec. 45a-559b. Liability to third persons.
Sec. 45a-559c. Renunciation, resignation, death or removal of custodian. Designation of
successor custodian.
Sec. 45a-559d. Accounting by and determination of liability of custodian.
Sec. 45a-559e. Termination of custodianship.
Sec. 45a-560. Applicability.
Sec. 45a-560a. Effect on existing custodianships.
Sec. 45a-560b. Uniformity of application and construction.
Sec. 45a-561.
(1955, S. 2917d−2924d; 1957, P.A. 619, S. 1−9; 1961, P.A. 504; 1963, P.A. 283, S. 1−3, 5; February, 1965, P.A. 455,
S. 1−7; 1967, P.A. 125; 144, S. 1−5; 833, S.1−3; 1971, P.A. 133, S. 1−4; 1972, P.A. 127, S. 69−72; P.A. 75-124, S. 1, 2;
P.A. 77-614, S. 139, 610; P.A. 78-121, S. 76, 113; 78-198, S. 1−4, 6; P.A. 79-631, S. 39, 111; P.A. 80-410, S. 14−20; P.A.
81-25, S. 1, 2; 81-396, S. 6; P.A. 86-264, S. 12−15; P.A. 88-65, S. 39; P.A. 95-117, S. 28.)
(P.A. 95-117, S. 1.)
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(1) "Adult" means an individual who has attained the age of twenty-one years.
(2) "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.
(3) "Court" means Probate Court.
(4) "Custodial property" means (A) any interest in property transferred to a custodian under sections 45a-557 to 45a-560b, inclusive, and (B) the income from and proceeds of that interest in property.
(5) "Custodian" means a person so designated under section 45a-558f or a successor
or substitute custodian designated under section 45a-559c.
(6) "Financial institution" means a bank, trust company, a savings institution or
credit union, chartered and supervised under state or federal law.
(7) "Guardian" means a person appointed or qualified by a court to act as guardian
of a minor's estate or a person legally authorized to perform substantially the same
functions.
(8) "Legal representative" means any court appointed fiduciary, including, but not
limited to, a guardian, conservator, executor or administrator. A legal representative
does not include a guardian ad litem.
(9) "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.
(10) "Minor" means an individual who has not attained the age of twenty-one years.
(11) "Person" means an individual, corporation, organization or other legal entity.
(12) "Personal representative" means an executor, administrator, successor personal representative or temporary administrator of a decedent's estate or person legally
authorized to perform substantially the same functions.
(13) "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.
(14) "Transfer" means a transaction that creates custodial property under section
45a-558f.
(15) "Transferor" means a person who makes a transfer under sections 45a-557 to
45a-560b, inclusive.
(16) "Trust company" means a financial institution, corporation or other legal entity
authorized to exercise general trust powers.
(P.A. 95-117, S. 2.)
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(b) A person designated as custodian under sections 45a-557 to 45a-560b, inclusive,
is subject to personal jurisdiction in this state with respect to any matter relating to the
custodianship.
(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 state designated in the instrument of transfer
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.
(P.A. 95-117, S. 3.)
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(b) A custodian nominated under this section shall be a person to whom a transfer
of property of that kind may be made under subsection (a) of section 45a-558f.
(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated
custodian is completed under section 45a-558f. Unless the nomination of a custodian
has been revoked, upon the occurrence of the future event the custodianship becomes
effective and the custodian shall enforce a transfer of the custodial property pursuant
to section 45a-558f.
(P.A. 95-117, S. 4.)
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(P.A. 95-117, S. 5.)
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(b) If the testator or settlor has nominated a custodian under section 45a-558 to
receive the custodial property, the transfer shall be made to that person.
(c) If the testator or settlor has not nominated a custodian under section 45a-558,
or all persons so nominated as custodian die before the transfer or are unable, decline
or are ineligible to serve, the personal representative or the trustee, as the case may be,
shall designate the custodian from among those eligible to serve as custodian for property
of that kind under subsection (a) of section 45a-558f.
(P.A. 95-117, S. 6.)
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(b) Subject to subsection (c) of this section, a guardian may make an irrevocable
transfer to another adult or trust company as custodian for the benefit of the minor
pursuant to section 45a-558f.
(c) A transfer under subsection (a) or (b) of this section may be made only if (1)
the personal representative, trustee or guardian considers the transfer to be in the best
interest of the minor, (2) the transfer is not prohibited by or inconsistent with provisions
of the applicable will, trust agreement or other governing instrument, and (3) the transfer
is authorized by the court if it exceeds five thousand dollars in value.
(d) For purposes of this section, a series of transfers shall be aggregated so that the
five-thousand-dollar threshold for court approval cannot be circumvented.
(P.A. 95-117, S. 7.)
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(b) If a person having the right to do so under section 45a-558 has nominated a
custodian under that section to receive the custodial property, the transfer shall be made
to that person.
(c) If no custodian has been nominated under section 45a-558, or all persons so
nominated as custodian die before the transfer or are unable, decline or are ineligible
to serve, a transfer under this section may be made to an adult member of the minor's
family or to a trust company unless the property exceeds five thousand dollars in value,
in which case Probate Court approval is required. For purposes of this subsection, a
series of transfers shall be aggregated so that the five-thousand-dollar threshold for court
approval cannot be circumvented.
(d) This section does not authorize a guardian, existing custodian or custodian to
whom an obligor makes a transfer under this section to settle, release or compromise a
claim of the minor or a debt owed to the minor.
(P.A. 95-117, S. 8.)
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(P.A. 95-117, S. 9.)
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Dated: ....
.... (Signature)
Dated: ....
.... (Signature of Custodian)"
(P.A. 95-117, S. 10.)
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(P.A. 95-117, S. 11.)
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(b) A transfer made pursuant to section 45a-558f is irrevocable, and the custodial
property is indefeasibly vested in the minor, but the custodian has all the rights, powers,
duties and authority provided in sections 45a-557 to 45a-560b, inclusive, and neither
the minor nor the minor's legal representative has any right, power, duty or authority
with respect to the custodial property except as provided in sections 45a-557 to 45a-
560b, inclusive.
(c) By making a transfer, the transferor incorporates in the disposition all the provisions of sections 45a-557 to 45a-560b, inclusive, and grants to the custodian, and to any
third person dealing with a person designated as custodian, the respective powers, rights
and immunities provided in sections 45a-557 to 45a-560b, inclusive.
(P.A. 95-117, S. 12.)
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(b) In dealing with custodial property, a custodian shall observe the standard of care
that would be observed by a prudent person of discretion and intelligence who is seeking
a reasonable income and the preservation of such person's capital. The custodian shall
not be limited by any other statute restricting investments by fiduciaries. 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 (1) the life of the minor only if the minor or the minor's estate is the sole
beneficiary, or (2) 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 owner of the policy.
(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 Connecticut 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 any parent or legal
representative of the minor or by the minor if the minor has attained the age of twelve
years.
(P.A. 95-117, S. 13.)
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(b) This section does not relieve a custodian from liability for breach of the provisions of section 45a-558i.
(P.A. 95-117, S. 14.)
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(b) On petition of an interested person or the minor if the minor has attained the
age of twelve years, the court may order the custodian to deliver or pay to the minor or
expend for the minor's benefit so much of the custodial property as the court considers
advisable for the use and benefit of the minor.
(c) A delivery, payment or expenditure under this section is in addition to, not in
substitution for, and does not affect any obligation of a person to support the minor.
(P.A. 95-117, S. 15.)
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(b) Except for one who is a transferor under section 45a-558a, a custodian has a
noncumulative election during each calendar year to charge reasonable compensation
for services performed during that year.
(c) Except as provided in subsection (f) of section 45a-559c, a custodian need not
give a bond.
(P.A. 95-117, S. 16.)
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(P.A. 95-117, S. 17.)
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(b) A custodian is not personally liable: (1) On a contract properly entered into in
the custodial capacity unless the custodian fails to reveal that capacity and to identify
the custodianship in the contract; or (2) for an obligation arising from control of custodial
property or for a tort committed during the custodianship unless the custodian is personally at fault.
(c) 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.
(P.A. 95-117, S. 18.)
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(b) A custodian at any time may designate a trust company or an adult other than
a transferor under section 45a-558a 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.
(c) A custodian may resign at any time by delivering written notice to the minor if
the minor has attained the age of twelve years and to the successor custodian and by
delivering the custodial property to the successor custodian.
(d) If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the minor has attained the age of twelve years, the
minor may designate as successor custodian, in the manner prescribed in subsection (b)
of this section, an adult member of the minor's family, a guardian of the minor or a trust
company. If the minor has not attained the age of twelve years or fails to act within
sixty days after the ineligibility, death or incapacity, the guardian of the minor becomes
successor custodian. If the minor has no guardian or the guardian 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.
(e) A custodian who declines to serve under subsection (a) of this section or resigns
under subsection (c) of this section, 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
in a probate court may enforce the obligation to deliver custodial property and records
and becomes responsible for each item as received.
(f) 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 guardian of the minor or the
minor if the minor has attained the age of twelve years may petition the court to remove
the custodian under section 45a-242 and to designate a successor custodian other than
a transferor under section 45a-558a or to require the custodian to give appropriate bond.
(P.A. 95-117, S. 19.)
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(b) A successor custodian may petition the court for an accounting by the predecessor custodian.
(c) The court, in a proceeding under sections 45a-557 to 45a-560b, inclusive, or
in any other proceeding, may require or permit the custodian or the custodian's legal
representative to account.
(d) If a custodian is removed under subsection (f) of section 45a-559c, 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.
(P.A. 95-117, S. 20.)
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(P.A. 95-117, S. 21.)
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(P.A. 95-117, S. 22.)
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(b) The provisions of sections 45a-557 to 45a-560b, inclusive, shall apply to all
transfers made before October 1, 1995, in a manner and form prescribed in the Connecticut Uniform Gifts to Minors Act, sections 45a-546 to 45a-556, inclusive, revision of
1958, revised to January 1, 1995, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on October
1, 1995.
(P.A. 95-117, S. 23.)
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(P.A. 95-117, S. 24.)
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