reglab/housing_qa huggingface dataset:
WI Stat § 54.854 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.854 - Uniform transfers to minors act; definitions.

54.854  Uniform transfers to minors act; definitions. In ss. 54.854 to 54.898: (1) “Adult" means an individual who has attained the age of 21 years. (2) “Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for that person's account or for the account of others. (3) Notwithstanding s. 54.01 (3), “conservator" means a person appointed or qualified by a court to act as general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. (4) Notwithstanding s. 54.01 (4), “court" means the circuit court. (5) “Custodial property" means any interest in property transferred to a custodian under ss. 54.854 to 54.898 and the income from and proceeds of that interest in property. (6) “Custodian" means a person so designated under s. 54.870 or a successor or substitute custodian designated under s. 54.888. (7) “Financial institution" means a bank, trust company, savings bank, savings and loan association or other savings institution, or credit union, chartered and supervised under state or federal law. (8) “Legal representative" means an individual's personal representative or conservator. (9) “Member of the minor's family" means the minor's parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole or half blood or by adoption. (10) Notwithstanding s. 54.01 (20), “minor" means an individual who has not attained the age of 21 years. (11) Notwithstanding s. 54.01 (23), “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. (11m) “Qualified minor's trust" means any trust, including a trust created by the custodian, that satisfies the requirements of section 2503 (c) of the Internal Revenue Code and the regulations implementing that section. (12) “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. (13) “Transfer" means a transaction that creates custodial property under s. 54.870. (14) “Transferor" means a person who makes a transfer under ss. 54.854 to 54.898. (15) “Trust company" means a financial institution, corporation or other legal entity, authorized to exercise general trust powers.History:  1987 a. 191; 1991 a. 221; 2005 a. 216; 2005 a. 387 s. 527; Stats. 2005 s. 54.854.
WI Stat § 54.856 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.856 - Scope and jurisdiction.

54.856  Scope and jurisdiction. (1) Sections 54.854 to 54.898 apply to a transfer that refers to ss. 54.854 to 54.898 in the designation under s. 54.870 (1) 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 ss. 54.854 to 54.898 despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state. (2) A person designated as custodian under s. 54.870 to 54.888 is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship. (3) 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.History:  1987 a. 191; 2005 a. 387 s. 528; Stats. 2005 s. 54.856.
WI Stat § 54.858 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.858 - Nomination of custodian.

54.858  Nomination of custodian. (1) 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 Wisconsin Uniform Transfers to Minors Act". The nomination may name one or more persons as substitute custodians to whom the property must 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 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. (2) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under s. 54.870 (1). (3) 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 s. 54.870. 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 under s. 54.870.History:  1987 a. 191; 2005 a. 387 s. 529; Stats. 2005 s. 54.858.
WI Stat § 54.860 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.860 - Transfer by gift or exercise of power of appointment.

54.860  Transfer by gift or exercise of power of appointment. 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 under s. 54.870.History:  1987 a. 191; 2005 a. 387 s. 530; Stats. 2005 s. 54.860.
WI Stat § 54.862 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.862 - Transfer authorized by will or trust.

54.862  Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer under s. 54.870 to a custodian for the benefit of a minor as authorized in the governing will or trust. (2) If the testator or settlor has nominated a custodian under s. 54.858 to receive the custodial property, the transfer must be made to that person. (3) If the testator or settlor has not nominated a custodian under s. 54.858, 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 s. 54.870 (1).History:  1987 a. 191; 2005 a. 387 s. 531; Stats. 2005 s. 54.862.
WI Stat § 54.864 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.864 - Other transfer by fiduciary.

54.864  Other transfer by fiduciary. (1) Subject to sub. (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under s. 54.870 in the absence of a will or under a will or trust that does not contain an authorization to do so. (2) Subject to sub. (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under s. 54.870. (3) A transfer under sub. (1) or (2) may be made only if:(a) The personal representative, trustee or conservator considers the transfer to be in the best interest of the minor;(b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and(c) The transfer is authorized by the court if it exceeds $10,000 in value.History:  1987 a. 191; 2005 a. 387 s. 532; Stats. 2005 s. 54.864.
WI Stat § 54.866 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.866 - Transfer by obligor.

54.866  Transfer by obligor. (1) Subject to subs. (2) and (3), a person not subject to s. 54.862 or 54.864 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor under s. 54.870. (2) If a person having the right to do so under s. 54.858 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person. (3) If no custodian has been nominated under s. 54.858, 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 $10,000 in value.History:  1987 a. 191; 2005 a. 387 s. 533; Stats. 2005 s. 54.866.
WI Stat § 54.868 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.868 - Receipt for custodial property.

54.868  Receipt for custodial property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian under ss. 54.854 to 54.898.History:  1987 a. 191; 2005 a. 387 s. 534; Stats. 2005 s. 54.868.
WI Stat § 54.872 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.872 - Single custodianship.

54.872  Single custodianship. A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under ss. 54.854 to 54.898 by the same custodian for the benefit of the same minor constitutes a single custodianship.History:  1987 a. 191; 2005 a. 387 s. 536; Stats. 2005 s. 54.872.
WI Stat § 54.874 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.874 - Validity and effect of transfer.

54.874  Validity and effect of transfer. (1) The validity of a transfer made in a manner prescribed in ss. 54.854 to 54.898 is not affected by:(a) Failure of the transferor to comply with s. 54.870 (3) concerning possession and control;(b) 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 s. 54.870 (1); or(c) Death or incapacity of a person nominated under s. 54.858 or designated under s. 54.870 as custodian or the disclaimer of the office by that person. (2) A transfer made under s. 54.870 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 ss. 54.854 to 54.898, 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 ss. 54.854 to 54.898. (3) By making a transfer, the transferor incorporates in the disposition all of the provisions of ss. 54.854 to 54.898 and grants to the custodian, and to any 3rd person dealing with a person designated as custodian, the respective powers, rights and immunities provided in ss. 54.854 to 54.898.History:  1987 a. 191; 2005 a. 387 s. 537; Stats. 2005 s. 54.874.
WI Stat § 54.876 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.876 - Care of custodial property.

54.876  Care of custodial property. (1) A custodian shall:(a) Take control of custodial property;(b) Register or record title to custodial property if appropriate; and(c) Collect, hold, manage, invest and reinvest custodial property. (2) 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 a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. 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. (3) A custodian may invest in or pay premiums on life insurance or endowment policies on:(a) The life of the minor only if the minor or the minor's estate is the sole beneficiary; or(b) 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. (4) 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 Wisconsin Uniform Transfers to Minors Act". (5) 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 14 years.History:  1987 a. 191; 2005 a. 387 s. 538; Stats. 2005 s. 54.876.
WI Stat § 54.878 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.878 - Powers of custodian.

54.878  Powers of custodian. (1) 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, but a custodian may exercise those rights, powers and authority in that capacity only. (2) This section does not relieve a custodian from liability for breach of s. 54.876.History:  1987 a. 191; 2005 a. 387 s. 539; Stats. 2005 s. 54.878.
WI Stat § 54.880 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.880 - Use of custodial property.

54.880  Use of custodial property. (1) 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:(a) The duty or ability of the custodian personally or of any other person to support the minor; or(b) Any other income or property of the minor which may be applicable or available for that purpose. (1m) At any time a custodian may transfer part or all of the custodial property to a qualified minor's trust without a court order. Such a transfer terminates the custodianship to the extent of the transfer. (2) On petition of an interested person or the minor if the minor has attained the age of 14 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. (3) 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.History:  1987 a. 191; 2005 a. 216; 2005 a. 387 s. 540; Stats. 2005 s. 54.880.
WI Stat § 54.882 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.882 - Custodian's expenses, compensation and bond.

54.882  Custodian's expenses, compensation and bond. (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (2) Except for a person who is a transferor under s. 54.860, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. (3) Except as provided in s. 54.888 (6), a custodian need not give a bond.History:  1987 a. 191; 2005 a. 387 s. 541; Stats. 2005 s. 54.882.
WI Stat § 54.884 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.884 - Exemption of 3rd person from liability.

54.884  Exemption of 3rd person from liability. A 3rd 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 any of the following: (1) The validity of the purported custodian's designation. (2) The propriety of, or the authority under ss. 54.854 to 54.898 for, any act of the purported custodian. (3) The validity or propriety under ss. 54.854 to 54.898 of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian. (4) The propriety of the application of any property of the minor delivered to the purported custodian.History:  1987 a. 191; 2005 a. 387 s. 542; Stats. 2005 s. 54.884.
WI Stat § 54.886 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.886 - Liability to 3rd persons.

54.886  Liability to 3rd persons. (1) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property or 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. (2) A custodian is not personally liable:(a) 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(b) For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault. (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.History:  1987 a. 191; 2005 a. 387 s. 543; Stats. 2005 s. 54.886.
WI Stat § 54.890 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.890 - Accounting by and determination of liability of custodian.

54.890  Accounting by and determination of liability of custodian. (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:(a) For an accounting by the custodian or the custodian's legal representative; or(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. 54.886 to which the minor or the minor's legal representative was a party. (2) A successor custodian may petition the court for an accounting by the predecessor custodian. (3) The court, in a proceeding under ss. 54.854 to 54.898 or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account. (4) If a custodian is removed under s. 54.888 (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.History:  1987 a. 191; 2005 a. 387 s. 545; Stats. 2005 s. 54.890.
WI Stat § 54.892 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.892 - Termination of custodianship.

54.892  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: (1) The minor's attainment of 21 years of age with respect to custodial property transferred under s. 54.860 or 54.862; (2) The minor's attainment of 18 years of age with respect to custodial property transferred under s. 54.864 or 54.866; or (3) The minor's death.History:  1987 a. 191; 2005 a. 387 s. 546; Stats. 2005 s. 54.892.
WI Stat § 54.894 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.894 - Applicability.

54.894  Applicability. Sections 54.854 to 54.898 apply to a transfer within the scope of s. 54.856 made after April 8, 1988, if: (1) The transfer purports to have been made under ss. 880.61 to 880.71, 1985 stats.; 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 ss. 54.854 to 54.898 is necessary to validate the transfer.History:  1987 a. 191; 2005 a. 387 s. 547; Stats. 2005 s. 54.894.
WI Stat § 54.896 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.896 - Effect on existing custodianships.

54.896  Effect on existing custodianships. (1) Any transfer of custodial property as defined in ss. 54.854 to 54.898 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. (2) Sections 54.854 to 54.898 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. (3) Sections 54.854 to 54.892 with respect to the age of a minor for whom custodial property is held under ss. 54.854 to 54.898 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. (4) To the extent that ss. 54.854 to 54.898, 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.History:  1987 a. 191; 2005 a. 387 s. 548; Stats. 2005 s. 54.896.
WI Stat § 54.898 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 54 - Guardianships and conservatorships.|54.898 - Uniformity of application and construction.

54.898  Uniformity of application and construction. Sections 54.854 to 54.898 shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of ss. 54.854 to 54.898 among states enacting it.History:  1987 a. 191; 2005 a. 387 s. 549; Stats. 2005 s. 54.898.