reglab/housing_qa huggingface dataset:
12 DE Code § 4305. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 43. Uniform Act for Simplification of Fiduciary Security Transfers|§ 4305. Adverse claims.

§ 4305. Adverse claims. (a) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer. Nothing in this chapter relieves making or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner authorized in subsection (b) of this section. (b) As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by the claimant. If the corporation or transfer agent so mails such a notice, it shall withhold the transfer for 30 days after the mailing and shall then make the transfer unless restrained by a court order. 12 Del. C. 1953, §  4305;  54 Del. Laws, c. 141;  70 Del Laws, c. 186,, §  1;
12 DE Code § 4306. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 43. Uniform Act for Simplification of Fiduciary Security Transfers|§ 4306. Nonliability of corporation and transfer agent.

§ 4306. Nonliability of corporation and transfer agent. A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter. 12 Del. C. 1953, §  4306;  54 Del. Laws, c. 141.;
12 DE Code § 4307. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 43. Uniform Act for Simplification of Fiduciary Security Transfers|§ 4307. Nonliability of third persons.

§ 4307. Nonliability of third persons. (a) No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary including a person who guarantees the signature of the fiduciary is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves such a breach unless it is shown that the person acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty. (b) If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this chapter incurs no liability. (c) This section does not impose any liability upon the corporation or its transfer agent. 12 Del. C. 1953, §  4307;  54 Del. Laws, c. 141.;
12 DE Code § 4308. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 43. Uniform Act for Simplification of Fiduciary Security Transfers|§ 4308. Territorial application.

§ 4308. Territorial application. (a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized. (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. 12 Del. C. 1953, §  4308;  54 Del. Laws, c. 141.;
12 DE Code § 4309. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 43. Uniform Act for Simplification of Fiduciary Security Transfers|§ 4309. Tax obligations.

§ 4309. Tax obligations. 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. 12 Del. C. 1953, §  4309;  54 Del. Laws, c. 141.;
12 DE Code § 4310. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 43. Uniform Act for Simplification of Fiduciary Security Transfers|§ 4310. Uniformity of interpretation.

§ 4310. Uniformity of interpretation. This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. 12 Del. C. 1953, §  4310;  54 Del. Laws, c. 141.;
12 DE Code § 4311. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 43. Uniform Act for Simplification of Fiduciary Security Transfers|§ 4311. Short title.

§ 4311. Short title. This chapter may be cited as the “Uniform Act for Simplification of Fiduciary Security Transfers.” 12 Del. C. 1953, §  4311;  54 Del. Laws, c. 141.;
12 DE Code § 4501. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4501. Definitions.

§ 4501. Definitions. In this chapter:  (1) “Adult” means an individual who has attained the age of 21 years. (2) “Benefit plan” means an employer's plan for the benefit of an employee or partner. (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. (4) “Court” means Court of Chancery. (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. (6) “Custodian” means a person so designated under § 4509 of this title or a successor or substitute custodian designated under § 4518 of this title. (7) “Financial institution” means a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law. (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. (9) “Legal representative” means an individual's personal representative or conservator. (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. (11) “Minor” means an individual who has not attained the age of 21 years. (12) “Person” means an individual, corporation, organization or other legal entity. (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. (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. (15) “Transfer” means a transaction that creates custodial property under § 4509 of this title. (16) “Transferor” means a person who makes a transfer under this chapter. (17) “Trust company” means a financial institution, corporation or other legal entity authorized to exercise general trust powers.70 Del. Laws, c. 393, §  1;  70 Del. Laws, c. 186, §  1;  71 Del. Laws, c. 196, §  1;  74 Del. Laws, c. 269, §  1;
12 DE Code § 4502. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4502. Scope and jurisdiction.

§ 4502. Scope and jurisdiction. (a) This chapter applies to a transfer that refers to this chapter in the designation under § 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. (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. (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. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4503. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4503. Nomination of custodian.

§ 4503. 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 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. (b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under § 4509(a) of this title. (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 § 4509 of this title. 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 § 4509 of this title. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4504. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4504. Transfer by gift or exercise of power of appointment.

§ 4504. 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 pursuant to § 4509 of this title. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4505. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4505. Transfer authorized by will or trust.

§ 4505. Transfer authorized by will or trust. (a) A personal representative or trustee may make an irrevocable transfer pursuant to § 4509 of this title to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under § 4503 of this title to receive the custodial property, the transfer must be made to that person. (c) If the testator or settlor has not nominated a custodian under § 4503 of this title, 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 § 4509(a) of this title. 70 Del. Laws, c. 393, §  1;  71 Del. Laws, c. 196, §  2;
12 DE Code § 4506. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4506. Other transfer by fiduciary.

§ 4506. 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 § 4509 of this title in the absence of a will or under a will or trust that does not contain an authorization to do so. (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 § 4509 of this title. (c) A transfer under subsection (a) or (b) of this section may be made if:  (1) The personal representative, trustee or guardian considers the transfer to be in the best interest of the minor, which shall be presumed in the absence of contrary facts actually known to the personal representative, trustee or guardian; (2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and (3) If the property exceeds $50,000 in value, the custodian designated by the personal representative, trustee or guardian is approved by the Court. (d) If a transfer is made in conformity with the preceding provisions of this section and § 4509 of this title, the personal representative, trustee or guardian making the transfer shall have no liability to the minor therefor, including any obligation to see to the application of the proceeds of such transfer. 70 Del. Laws, c. 393, §  1;  71 Del. Laws, c. 196, §§  3-5;
12 DE Code § 4507. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4507. Transfer by obligor.

§ 4507. Transfer by obligor. (a) Subject to subsections (b) and (c) of this section, a person not subject to § 4505 or § 4506 of this title 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 § 4509 of this title. (b) If a person having the right to do so under § 4503 of this title has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person. (c) If no custodian has been nominated under § 4503 of this title, 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 $50,000 in value or, if the property exceeds $50,000 in value, the custodian designated by the transferor is approved by the Court. (d) A transfer under subsection (a) may be made:  (1) If the transferor considers the transfer to be in the best interest of the minor, which shall be presumed in the absence of contrary facts actually known to the transferor; and (2) If the property exceeds $50,000 in value, the custodian designated by the transferor is approved by the Court. If a transfer is made in conformity with the preceding provisions of this section and § 4509 of this title, the transferor shall have no liability to the minor therefor, including any obligation to see to the application of the proceeds of such transfer. 70 Del. Laws, c. 393, §  1;  71 Del. Laws, c. 196, §§  6-8;  74 Del. Laws, c. 269, §  2;
12 DE Code § 4508. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4508. Receipt for custodial property.

§ 4508. 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 pursuant to this chapter. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4510. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4510. Single custodianship.

§ 4510. Single custodianship. A transfer may be made only for 1 minor and only 1 person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4511. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4511. Validity and effect of transfer.

§ 4511. Validity and effect of transfer. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:  (1) Failure of the transferor to comply with § 4509(c) of this title 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 § 4509(a) of this title; or (3) Death or incapacity of a person nominated under § 4503 of this title or designated under § 4509 of this title as custodian or the disclaimer of the office by that person. (b) A transfer made pursuant to § 4509 of this title 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 this chapter, 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 this chapter. (c) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter 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 this chapter. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4512. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4512. Care of custodial property.

§ 4512. Care 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. (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 in accordance with the standard of care set forth in § 3302 of this title 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 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. (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 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 Delaware 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 14 years. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4513. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4513. Powers of custodian.

§ 4513. 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, but a custodian may exercise those rights, powers and authority in that capacity only. (b) This section does not relieve a custodian from liability for breach of § 4512 of this title. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4514. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4514. Use of custodial property.

§ 4514. 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. (b) 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. (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. 70 Del. Laws, c. 393, §  1;
12 DE Code § 4515. (2021)
2021 Delaware Code|Title 12 - Decedents' Estates and Fiduciary Relations|Chapter 45. Delaware Uniform Transfers to Minors Act|§ 4515. Custodian's expenses, compensation and bond.

§ 4515. 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. (b) Except for one who is a transferor under § 4504 of this title, 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 § 4518(f) of this title, a custodian need not give a bond. 70 Del. Laws, c. 393, §  1;