reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 17 - MISSISSIPPI PRINCIPAL AND INCOME ACT OF 2013 (§§ 91-17-3 — 91-17-604) › Article 5 - ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST (§§ 91-17-501 — 91-17-506) › Section 91-17-506 - Adjustments between principal and income because of taxes

A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:
(1)
Elections and decisions, that the fiduciary makes from time to time regarding tax matters;
(2)
An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or
(3)
The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.
Laws, 2012, ch. 351, § 1, eff. 1/1/2013.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 17 - MISSISSIPPI PRINCIPAL AND INCOME ACT OF 2013 (§§ 91-17-3 — 91-17-604) › Article 6 - MISCELLANEOUS PROVISIONS (§§ 91-17-601 — 91-17-604) › Section 91-17-601 - Uniformity of application and construction

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Laws, 2012, ch. 351, § 1, eff. 1/1/2013.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 17 - MISSISSIPPI PRINCIPAL AND INCOME ACT OF 2013 (§§ 91-17-3 — 91-17-604) › Article 6 - MISCELLANEOUS PROVISIONS (§§ 91-17-601 — 91-17-604) › Section 91-17-602 - Severability clause

If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
Laws, 2012, ch. 351, § 1, eff. 1/1/2013.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 17 - MISSISSIPPI PRINCIPAL AND INCOME ACT OF 2013 (§§ 91-17-3 — 91-17-604) › Article 6 - MISCELLANEOUS PROVISIONS (§§ 91-17-601 — 91-17-604) › Section 91-17-603 - Application of chapter to existing trusts and estates

This chapter applies to every trust or decedent's estate existing on January 1, 2013, except as otherwise expressly provided in the will or terms of the trust or in this chapter.
Laws, 2012, ch. 351, § 1, eff. 1/1/2013.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 17 - MISSISSIPPI PRINCIPAL AND INCOME ACT OF 2013 (§§ 91-17-3 — 91-17-604) › Article 6 - MISCELLANEOUS PROVISIONS (§§ 91-17-601 — 91-17-604) › Section 91-17-604 - Transitional matter

Section
91-17-409
applies to a trust described in Section
91-17-409(d)
on and after the following dates:
(1)
If the trust is not funded as of January 1, 2013, the date of the decedent's death.
(2)
If the trust is initially funded in the calendar year beginning January 1, 2013, the date of the decedent's death.
(3)
If the trust is not described in paragraph (1) or (2), January 1, 2013.
Laws, 2012, ch. 351, § 1, eff. 1/1/2013.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 19 - GIFTS TO MINORS [Repealed] (§ 91-19-1) › Section 91-19-1 - through 91-19-19 - [Repealed]

Repealed by Laws, 1994, ch. 416, § 26, eff. 1/1/1995.
§ 91-19-1. [Codes, 1942, § 672-110; 1958, ch. 248, § 10] § 91-19-3. [Codes, 1942, § 672-109; Laws, 1958, ch. 248, § 9] § 91-19-5. [Codes, 1942, § 672-101; Laws, 1958, ch. 248, § 1; 1971, ch. 505, § 1] § 91-19-7. [Codes, 1942, § 672-102; Laws, 1958, ch. 248, § 2; 1971, ch. 505, § 2] § 91-19-9. [Codes, 1942, § 672-103; Laws, 1958, ch. 248, § 3; 1971, ch. 505, § 3] § 91-19-11. [Codes, 1942, § 672-104; Laws, 1958, ch. 248, § 4; 1971, ch. 505, § 4] § 91-19-13. [Codes, 1942, § 672-105; Laws, 1958, ch. 248, § 5] § 91-19-15. [Codes, 1942, § 672-106; Laws, 1958, ch. 248, § 6; 1971, ch. 505, § 5] § 91-19-17. [Codes, 1942, § 672-107; Laws, 1958, ch. 248, § 7; 1971, ch. 505, § 6] § 91-19-19. [Codes, 1942, § 672-108; Laws, 1958, ch. 248, § 8; 1960, ch. 217 § 9]
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-1 - Short title

This chapter may be cited as the "Mississippi Uniform Transfers to Minors Act."
Laws, 1994, ch. 416, § 1, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-3 - Definitions

In this chapter:
(a)
"Adult" means an individual who has attained the age of eighteen (18) years.
(b)
"Benefit plan" means an employer's plan for the benefit of an employee or partner.
(c)
"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.
(d)
"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.
(e)
"Court" means the chancery court of the county in which the parties reside.
(f)
"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.
(g)
"Custodian" means a person so designated under Section
91-20-19
or a successor or substitute custodian designated under Section
91-20-37
.
(h)
"Financial institution" means a bank, trust company, savings institution or credit union, chartered and supervised under state or federal law.
(i)
"Legal representative" means an individual's personal representative or conservator.
(j)
"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.
(k)
"Minor" means an individual who has not attained the age of eighteen (18) years.
(l)
"Person" means an individual, corporation, organization or other legal entity.
(m)
"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.
(n)
"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.
(o)
"Transfer" means a transaction that creates custodial property under Section
91-20-19
.
(p)
"Transferor" means a person who makes a transfer under this chapter.
(q)
"Trust company" means a financial institution, corporation or other legal entity authorized to exercise general trust powers.
Laws, 1994, ch. 416, § 2, eff. 1/1/1995.
Amended by Laws, 2023, ch. 507, SB 2073,§ 8, eff. 7/1/2023.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-5 - Applicability of chapter; jurisdiction

(1)
This chapter applies to a transfer that refers to this chapter in the designation under Section
91-20-19(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 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.
(2)
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.
(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.
Laws, 1994, ch. 416, § 3, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-7 - 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 Mississippi 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 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.
(2)
A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under Section
91-20-19(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 Section
91-20-19
. 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
91-20-19
.
Laws, 1994, ch. 416, § 4, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-9 - Transfer by irrevocable gift or exercise of appointment power in favor of custodian

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
91-20-19
.
Laws, 1994, ch. 416, § 5, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-11 - Transfer to custodian by personal representative or trustee as authorized by will or trust; designation of custodian by personal representative or trustee

(1)
A personal representative or trustee may make an irrevocable transfer pursuant to Section
91-20-19
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 Section
91-20-7
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 Section
91-20-7
, 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 Section
91-20-19(1)
.
Laws, 1994, ch. 416, § 6, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-13 - Transfer by personal representative, trustee, or conservator to another adult or trust company as custodian without authorization by will or trust; prerequisites

(1)
Subject to subsection (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 pursuant to Section
91-20-19
, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(2)
Subject to subsection (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to Section
91-20-19
.
(3)
A transfer under subsection (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 Ten Thousand Dollars ($10,000.00) in value.
Laws, 1994, ch. 416, § 7, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-15 - Transfer to custodian by one holding property of or owing debt to minor; designation of custodian

(1)
Subject to subsections (2) and (3), a person not subject to Section
91-20-11
or
91-20-13
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 pursuant to Section
91-20-19
.
(2)
If a person having the right to do so under Section
91-20-7
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 Section
91-20-7
, 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 Ten Thousand Dollars ($10,000.00) in value.
Laws, 1994, ch. 416, § 8, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-17 - Written receipt from custodian; effect

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.
Laws, 1994, ch. 416, § 9, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-21 - One custodian for one minor

A transfer may be made only for one (1) minor, and only one (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.
Laws, 1994, ch. 416, § 11, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-23 - Factors not affecting validity of transfer; powers and duties of custodian unalterable

(1)
The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(a)
Failure of the transferor to comply with Section
91-20-19(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 Section
91-20-19(1)
; or
(c)
Death or incapacity of a person nominated under Section
91-20-7
or designated under Section
91-20-19
as custodian or the disclaimer of the office by that person.
(2)
A transfer made pursuant to Section
91-20-19
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.
(3)
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.
Laws, 1994, ch. 416, § 12, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-25 - Powers and duties of custodian; standard of care; records

(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 Mississippi 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 fourteen (14) years.
Laws, 1994, ch. 416, § 13, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-27 - Custodian's exercise of powers and authority over custodial property

(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 Section
91-20-25
.
Laws, 1994, ch. 416, § 14, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-29 - Delivery of property or money to minor; expenditure for benefit of minor; conditions; court order

(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.
(2)
On petition of an interested person or the minor if the minor has attained the age of fourteen (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.
Laws, 1994, ch. 416, § 15, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-31 - Reimbursement of custodian for expenses; compensation of custodian; bond unnecessary

(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 one who is a transferor under Section
91-20-9
, 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 Section
91-20-37(6)
, a custodian need not give a bond.
Laws, 1994, ch. 416, § 16, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-33 - Good faith reliance on capacity of purported custodian

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:
(a)
The validity of the purported custodian's designation;
(b)
The propriety of, or the authority under this chapter for, any act of the purported custodian;
(c)
The validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
(d)
The propriety of the application of any property of the minor delivered to the purported custodian.
Laws, 1994, ch. 416, § 17, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-35 - Assertion of claim against custodial property; personal liability of custodian or minor

(1)
A claim based on (a) a contract entered into by a custodian acting in a custodial capacity, (b) an obligation arising from the ownership or control of custodial property, or (c) 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.
Laws, 1994, ch. 416, § 18, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-39 - Petition for accounting or determination of responsibility for claims; accounting upon removal of custodian

(1)
A minor who has attained the age of fourteen (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 Section
91-20-35
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 this chapter 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 Section
91-20-37(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.
Laws, 1994, ch. 416, § 20, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-41 - Time for transfer of custodial property to minor or minor's estate

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(a)
The minor's attainment of eighteen (18) years of age with respect to custodial property transferred under Section
91-20-9
or
91-20-11
;
(b)
The minor's attainment of eighteen (18) years of age with respect to custodial property transferred under Section
91-20-13
or
91-20-15
; or
(c)
The minor's death.
Laws, 1994, ch. 416, § 21, eff. 1/1/1995.
Amended by Laws, 2023, ch. 507, SB 2073,§ 9, eff. 7/1/2023.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-43 - Applicability of chapter to certain transfers

This chapter applies to a transfer within the scope of Section
91-20-5
made after its effective date if:
(a)
The transfer purports to have been made under the Mississippi Uniform Gifts to Minors Law, Sections
91-19-1
through
91-19-19
; or
(b)
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 this chapter is necessary to validate the transfer.
Laws, 1994, ch. 416, § 22, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-45 - Validation of transfers predating chapter; application of chapter to prior transfers

(1)
Any transfer of custodial property as now defined in this chapter made before January 1, 1995, is validated notwithstanding that there was no specific authority in the Mississippi Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2)
This chapter applies to all transfers made before January 1, 1995, in a manner and form prescribed in the Mississippi Uniform Gifts to Minors Law except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on January 1, 1995.
Laws, 1994, ch. 416, § 23, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-47 - Construction of chapter

This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
Laws, 1994, ch. 416, § 24, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 20 - TRANSFERS TO MINORS (§§ 91-20-1 — 91-20-49) › Section 91-20-49 - Severability of provisions of chapter

If any provisions of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end provisions of this chapter are severable.
Laws, 1994, ch. 416, § 25, eff. 1/1/1995.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-1 - Short title

This chapter shall be known and may be cited as the "Mississippi Uniform Transfer-on-Death Security Registration Act."
Laws, 1997, ch. 413, § 1, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-3 - Definitions

In this chapter, unless the context otherwise requires:
(a)
"Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.
(b)
"Devisee" means any person designated in a will to receive a disposition of real or personal property.
(c)
"Heirs" mean those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.
(d)
"Person" means an individual, a corporation, an organization or other legal entity.
(e)
"Personal representative" includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.
(f)
"Property" includes both real and personal property or any interest therein and means anything that may be the subject of ownership.
(g)
"Register," including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.
(h)
"Registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
(i)
"Security" means a share, participation, or other interest in property, in a business or in an obligation of an enterprise or other issuer and includes a certificated security, an uncertificated security, and a security account.
(j)
"Security account" means:
(i)
A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, cash equivalents, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death;
(ii)
An investment or custody account with a trust company or trust division of a bank with trust powers, including the securities in the account, a cash balance in the account and cash, cash equivalents, interest, earnings or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death; or
(iii)
A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.
(k)
"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.
Laws, 1997, ch. 413, § 2; Laws, 2012, ch. 335, § 1, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-5 - Registration in beneficiary form; sole or joint tenancy ownership

Only individuals whose registration of a security shows sole ownership by one (1) individual or multiple ownership by two (2) or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form, hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
Laws, 1997, ch. 413, § 3, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-7 - Registration in beneficiary form; applicable law

A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration, or by this or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
Laws, 1997, ch. 413, § 4, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-9 - Origination of registration in beneficiary form

A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
Laws, 1997, ch. 413, § 5, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-11 - Form of registration in beneficiary form

Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD," or by the words "pay on death" or the abbreviation "POD," after the name of the registered owner and before the name of a beneficiary.
Laws, 1997, ch. 413, § 6, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-13 - Effect of registration in beneficiary form

The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all the surviving owners without the consent of the beneficiary.
Laws, 1997, ch. 413, § 7, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-15 - Ownership on death of owner

On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
Laws, 1997, ch. 413, § 8, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-17 - Protection of registering entity

(1)
A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by this chapter.
(2)
By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in this chapter.
(3)
A registering entity is discharged from all claims to a security by the estate, creditors, heirs or devisee of a deceased owner if it registers a transfer of the security in accordance with Section
91-21-15
and does so in good faith reliance (a) on the registration, (b) on this chapter, and (c) on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or other information available to the registering entity. The protections of this chapter do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this chapter.
(4)
The protection provided by this chapter to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
Laws, 1997, ch. 413, § 9, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-19 - Nontestamentary transfer on death

(1)
A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this chapter and is not testamentary.
(2)
This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.
Laws, 1997, ch. 413, § 10, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-21 - Terms, conditions, and forms for registration

(1)
A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (a) for registrations in beneficiary form, and (b) for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal descendants per stirpes." This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registration beneficiary form, may be contained in a registering entity's terms and conditions.
(2)
The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(a)
Sole owner-sole beneficiary: John S Brown TOD (or POD) John S Brown Jr.
(b)
Multiple owners-sole beneficiary: John S Brown Mary B Brown JT TEN TOD John S Brown Jr.
(c)
Multiple owners-primary and secondary (substituted) beneficiaries:
(i)
John S Brown Mary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown; or
(ii)
John S Brown Mary B Brown JT TEN TOD John S Brown Jr LDPS.
Laws, 1997, ch. 413, § 11, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-23 - Rules of construction

(1)
This chapter shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of these sections among states enacting them.
(2)
Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions.
Laws, 1997, ch. 413, § 12, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 21 - UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT (§§ 91-21-1 — 91-21-25) › Section 91-21-25 - Application of chapter

This chapter applies to registrations of securities in beneficiary form made before or after July 1, 1997, by decedents dying on or after July 1, 1997.
Laws, 1997, ch. 413, § 13, eff. 3/24/1997.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 23 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 91-23-1 — 91-23-35) › Section 91-23-1 - Short title

This chapter may be cited as the Revised Uniform Fiduciary Access to Digital Assets Act.
Added by Laws, 2017, ch. 419, HB 849, 1, eff. 7/1/2017.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 23 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 91-23-1 — 91-23-35) › Section 91-23-5 - Applicability

(1)
This chapter applies to:
(a)
A fiduciary acting under a will or power of attorney executed before, on, or after July 1, 2017;
(b)
A personal representative acting for a decedent who died before, on, or after July 1, 2017;
(c)
A conservatorship proceeding commenced before, on, or after July 1, 2017; and
(d)
A trustee acting under a trust created before, on, or after July 1, 2017.
(2)
This chapter applies to a custodian if the user resides in this state or resided in this state at the time of the user's death.
(3)
This chapter does not apply to a digital asset of an employer used by an employee in the ordinary course of the employer's business.
Added by Laws, 2017, ch. 419, HB 849, 3, eff. 7/1/2017.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 23 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 91-23-1 — 91-23-35) › Section 91-23-7 - User direction for disclosure of digital assets

(1)
A user may use an online tool to direct the custodian to disclose to a designated recipient or not to disclose some or all of the user's digital assets, including the content of electronic communications. If the online tool allows the user to modify or delete a direction at all times, a direction regarding disclosure using an online tool overrides a contrary direction by the user in a will, trust, power of attorney or other record.
(2)
If a user has not used an online tool to give direction under subsection (1) or if the custodian has not provided an online tool, the user may allow or prohibit in a will, trust, power of attorney, or other record, disclosure to a fiduciary of some or all of the user's digital assets, including the content of electronic communications sent or received by the user.
(3)
A user's direction under subsection (1) or (2) overrides a contrary provision in a terms-of-service agreement that does not require the user to act affirmatively and distinctly from the user's assent to the terms of service.
Added by Laws, 2017, ch. 419, HB 849, 4, eff. 7/1/2017.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 23 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 91-23-1 — 91-23-35) › Section 91-23-9 - Terms-of-service agreement

(1)
This chapter does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user.
(2)
This chapter does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or represents.
(3)
A fiduciary's or designated recipient's access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under Section
91-23-7
.
Added by Laws, 2017, ch. 419, HB 849, 5, eff. 7/1/2017.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 23 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 91-23-1 — 91-23-35) › Section 91-23-11 - Procedure for disclosing digital assets

(1)
When disclosing digital assets of a user under this chapter, the custodian may at its sole discretion:
(a)
Grant a fiduciary or designated recipient full access to the user's account;
(b)
Grant a fiduciary or designated recipient partial access to the user's account sufficient to perform the tasks with which the fiduciary or designated recipient is charged; or
(c)
Provide a fiduciary or designated recipient a copy in a record of any digital asset that, on the date the custodian received the request for disclosure, the user could have accessed if the user were alive and had full capacity and access to the account.
(2)
A custodian may assess a reasonable administrative charge for the cost of disclosing digital assets under this chapter.
(3)
A custodian need not disclose under this chapter a digital asset deleted by a user.
(4)
If a user directs or a fiduciary requests a custodian to disclose under this chapter some, but not all, of the user's digital assets, the custodian need not disclose the assets if segregation of the assets would impose an undue burden on the custodian. If the custodian believes the direction or request imposes an undue burden, the custodian or fiduciary may seek an order from the court to disclose:
(a)
A subset limited by date of the user's digital assets;
(b)
All of the user's digital assets to the fiduciary or designated recipient;
(c)
None of the user's digital assets; or
(d)
All of the user's digital assets to the court for review in camera.
Added by Laws, 2017, ch. 419, HB 849, 6, eff. 7/1/2017.