reglab/housing_qa huggingface dataset:
NE Code § 30-3502 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3502 - Terms, defined.

30-3502.  Terms, defined.For purposes of the Nebraska Uniform Custodial Trust Act:(1) Adult means an individual who is at least nineteen years of age;(2) Beneficiary means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under the act;(3) Conservator means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions;(4) Court means a county court of this state;(5) Custodial trust property means an interest in property transferred to or held under a declaration of trust by a custodial trustee under the act and the income from and proceeds of that interest;(6) Custodial trustee means a person designated as trustee of a custodial trust under the act or a substitute or successor to the person designated;(7) Guardian means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem;(8) Incapacitated means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause;(9) Legal representative means a personal representative or conservator;(10) Member of the beneficiary's family means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of whole or half blood or by adoption;(11) Person means an individual, corporation, limited liability company, or other legal entity;(12) Personal representative means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them;(13) State means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico;(14) Transferor means a person who creates a custodial trust by transfer or declaration; and(15) Trust company means a financial institution, corporation, or other legal entity, authorized to act as a corporate trustee in the State of Nebraska.Source  Laws 1997, LB 51, § 2.
NE Code § 30-3503 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3503 - Custodial trust; general provisions.

30-3503.  Custodial trust; general provisions.(a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in substance, as the custodial trustee under the Nebraska Uniform Custodial Trust Act.(b) A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration, executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under the act. A registration or other declaration of trust in which the declarant is designated as custodial trustee for the sole benefit of the declarant is not a custodial trust under the act.(c) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.(d) Except as provided in subsection (e) of this section, a transferor may not terminate a custodial trust.(e) The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary, may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.(f) Any person may augment existing custodial trust property by the addition of other property pursuant to the act.(g) The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.(h) The act does not displace or restrict other means of creating trusts. A trust whose terms do not conform to the act may be enforceable according to its terms under other law.Source   Laws 1997, LB 51, § 3;  Laws 1999, LB 62, § 1.
NE Code § 30-3504 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3504 - Custodial trustee for future payment or transfer.

30-3504.  Custodial trustee for future payment or transfer.(a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by "as custodial trustee for ................ (name of beneficiary) under the Nebraska Uniform Custodial Trust Act".(b) Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.(c) A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.Source  Laws 1997, LB 51, § 4.
NE Code § 30-3505 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3505 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.

30-3505.  Form and effect of receipt and acceptance by custodial trustee; jurisdiction.(a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under the Nebraska Uniform Custodial Trust Act upon the custodial trustee's written acceptance of the custodial trust property.(b) The custodial trustee's acceptance may be evidenced by a writing stating in substance:CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCEI, ............ (name of custodial trustee), acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for ............ (name of beneficiary) under the Nebraska Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Nebraska Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of ............................................................... .Dated: ...............................................(Signature of Custodial Trustee) .....................(c) Upon accepting custodial trust property, a person designated as custodial trustee under the act is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.Source  Laws 1997, LB 51, § 5.
NE Code § 30-3506 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3506 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.

30-3506.  Transfer to custodial trustee by fiduciary or obligor; facility of payment.(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 30-3504, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds ten thousand dollars, the transfer is not effective unless authorized by the court.(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.Source  Laws 1997, LB 51, § 6.
NE Code § 30-3507 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3507 - Multiple beneficiaries; separate custodial trusts; survivorship.

30-3507.  Multiple beneficiaries; separate custodial trusts; survivorship.(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.(b) Custodial trust property held under the Nebraska Uniform Custodial Trust Act by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.(c) A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to sections 30-3508 and 30-3516 for the administration of the custodial trust.Source  Laws 1997, LB 51, § 7.
NE Code § 30-3508 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3508 - General duties of custodial trustee.

30-3508.  General duties of custodial trustee.(a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.(b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall comply with the prudent investor rule set forth in sections 30-3883 to 30-3889 and is not limited by any other law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor.(c) Subject to subsection (b) of this section, a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.(d) A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control, separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: "as custodial trustee for ............ (name of beneficiary) under the Nebraska Uniform Custodial Trust Act".(e) A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.Source   Laws 1997, LB 51, § 8;  Laws 1999, LB 62, § 2;  Laws 2003, LB 130, § 136.
NE Code § 30-3509 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3509 - General powers of custodial trustee.

30-3509.  General powers of custodial trustee.(a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.(b) This section does not relieve a custodial trustee from liability for a violation of section 30-3508.Source  Laws 1997, LB 51, § 9.
NE Code § 30-3510 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3510 - Use of custodial trust property.

30-3510.  Use of custodial trust property.(a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary, while not incapacitated, may direct in writing from time to time.(b) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.(c) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.Source  Laws 1997, LB 51, § 10.
NE Code § 30-3511 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3511 - Determination of incapacity; effect.

30-3511.  Determination of incapacity; effect.(a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under section 30-3506, (ii) the transferor has so directed in the instrument creating the custodial trust, or (iii) the custodial trustee has determined that the beneficiary is incapacitated.(b) A custodial trustee may determine that the beneficiary is incapacitated in reliance upon (i) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority pursuant to a durable power of attorney, (ii) the certificate of the beneficiary's physician, or (iii) other persuasive evidence.(c) If a custodial trustee for an incapacitated beneficiary reasonably concludes that the beneficiary's incapacity has ceased, or that circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary, the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.(d) On petition of the beneficiary, the custodial trustee, or other person interested in the custodial trust property or the welfare of the beneficiary, the court shall determine whether the beneficiary is incapacitated. A determination of incapacity does not require appointment of a guardian or conservator unless, in the discretion of the court, such appointment is otherwise warranted.(e) Absent determination of incapacity of the beneficiary under subsection (b) or (d) of this section, a custodial trustee who has reason to believe that the beneficiary is incapacitated shall administer the custodial trust in accordance with the provisions of the Nebraska Uniform Custodial Trust Act applicable to an incapacitated beneficiary.(f) Incapacity of a beneficiary does not terminate (i) the custodial trust, (ii) any designation of a successor custodial trustee, (iii) rights or powers of the custodial trustee, or (iv) any immunities of third persons acting on instructions of the custodial trustee.(g) A custodial trustee shall not be liable for any determinations authorized by this section regarding the capacity or incapacity of the beneficiary made in good faith.Source  Laws 1997, LB 51, § 11.
NE Code § 30-3512 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3512 - Exemption of third person from liability.

30-3512.  Exemption of third person from liability.A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining:(1) The validity of the purported custodial trustee's designation;(2) The propriety of, or the authority under the Nebraska Uniform Custodial Trust Act for, any action of the purported custodial trustee;(3) The validity or propriety of an instrument executed or instruction given pursuant to the act either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or(4) The propriety of the application of property vested in the purported custodial trustee.Source  Laws 1997, LB 51, § 12.
NE Code § 30-3513 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3513 - Liability to third person.

30-3513.  Liability to third person.(a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.(b) A custodial trustee is not personally liable to a third person:(1) On a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract; or(2) For an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault.(c) A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.(d) Subsections (b) and (c) of this section do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary as owner or possessor of the custodial trust property to the extent the person is protected as the insured by liability insurance.Source  Laws 1997, LB 51, § 13.
NE Code § 30-3515 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3515 - Expenses, compensation, and bond of custodial trustee.

30-3515.  Expenses, compensation, and bond of custodial trustee.Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:(1) Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;(2) Has a noncumulative election, to be made no later than three months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and(3) Need not furnish a bond or other security for the faithful performance of fiduciary duties.Source  Laws 1997, LB 51, § 15.
NE Code § 30-3516 (2021)
2021 Nebraska Revised Statutes|Chapter 30 - Decedents' Estates; Protection of Persons and Property|30-3516 - Reporting and accounting by custodial trustee; determination of liability of custodial trustee.

30-3516.  Reporting and accounting by custodial trustee; determination of liability of custodial trustee.(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement that the custodial trust property is held pursuant to the Nebraska Uniform Custodial Trust Act and describing the custodial trust property. The custodial trustee shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upon request at reasonable times by the beneficiary or the beneficiary's legal representative, (iii) upon resignation or removal of the custodial trustee, and (iv) upon termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary's legal representative, if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.(b) A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative.(c) A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee or the personal representative of a predecessor custodial trustee.(d) In an action or proceeding under the Nebraska Uniform Custodial Trust Act or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts.(e) If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.(f) On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.Source  Laws 1997, LB 51, § 16.