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#1817969 - 05/28/13 05:38 PM TUTMA accounts
INOH Offline
Gold Star

Registered: 07/18/12
Posts: 297
Loc: Northeast
Does the state of Texas require the custodian of a TUTMA account to sign or initial signifying the account is a TUTMA account?

Thanks,
_________________________
Just trying to swim in the compliance world.

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#1818588 - 05/30/13 10:48 AM Re: TUTMA accounts [Re: INOH]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 54320
Loc: Galveston, TX
Since the account has to be titled "John Doe as custodian for (name of minor) under the Texas Uniform Transfers to Minors Act", and naturally John Doe has to sign to establish the account, I am not sure what you mean????
_________________________
The opinions expressed are my own, take them or leave them.

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#1819064 - 05/31/13 10:35 AM Re: TUTMA accounts [Re: INOH]
INOH Offline
Gold Star

Registered: 07/18/12
Posts: 297
Loc: Northeast
rlcarey,

My new account staff has been a little unsettled with our conversion to Deposit Pro, when we used ARTA, the signature card always had sections where the custodian would initial by the type of account they were getting (even though, the account was titled as a TUTMA). Under Deposit Pro there is no place for the custodian to initial, they just sign… I think it is ok just like that but my new accounts officer says this part is required under the state of Texas. I can’ find anything that says that and we have talked to Harland regarding this and they said it is not required… my new account officer called ARTA and they told her it is required.

Thanks,
_________________________
Just trying to swim in the compliance world.

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#1819276 - 05/31/13 02:29 PM Re: TUTMA accounts [Re: INOH]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 54320
Loc: Galveston, TX
If they are so sure, then either your new account officer or ARTA needs to provide a citation for this wild goose hunt.

I can say that a lot of things are "required by State law", but without a citation, it is nothing but a lot hot air emanating from my pie hole. smile
_________________________
The opinions expressed are my own, take them or leave them.

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#1819309 - 05/31/13 03:09 PM Re: TUTMA accounts [Re: INOH]
-Z- Offline
Diamond Poster

Registered: 12/10/07
Posts: 1612
Loc: Texas
Property Code Sec. 141.010. MANNER OF CREATING CUSTODIAL PROPERTY AND EFFECTING TRANSFER; DESIGNATION OF INITIAL CUSTODIAN; CONTROL. (a) Custodial property is created and a transfer is made when:

(1) an uncertificated security or a certificated security in registered form is:

...snip...

(B) delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in Subsection (b);

...snip...

(7) an interest in any property not described in Subdivisions (1)-(6) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in Subsection (b).

(b) An instrument in the following form satisfies the requirements of Subsections (a)(1)(B) and (7):

TRANSFER UNDER THE TEXAS UNIFORM TRANSFERS TO MINORS ACT


I, ____________________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ____________________ (name of custodian), as custodian for ____________________ (name of minor) under the Texas Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).

Dated: ____________________

____________________(Signature)

____________________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Texas Uniform Transfers to Minors Act.

Dated: ____________________

____________________

____________________(Signature of Custodian)
_________________________
Only two things that money can't buy, that's true love & homegrown tomatoes

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#1819327 - 05/31/13 03:26 PM Re: TUTMA accounts [Re: INOH]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 54320
Loc: Galveston, TX
Thanks Z, but what does that have to do with requiring someone to initial a signature card indicating the type of account that it might be smile
_________________________
The opinions expressed are my own, take them or leave them.

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#1819346 - 05/31/13 03:48 PM Re: TUTMA accounts [Re: INOH]
-Z- Offline
Diamond Poster

Registered: 12/10/07
Posts: 1612
Loc: Texas
INOH is talking about a signature requirement in the law. These are the ONLY mentions of signatures in the TUTMA law. There are no other mentions of signatures. So, initialing the signature card indicating the account is a TUTMA account IS NOT required.
_________________________
Only two things that money can't buy, that's true love & homegrown tomatoes

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#1819416 - 05/31/13 07:01 PM Re: TUTMA accounts [Re: INOH]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 54320
Loc: Galveston, TX
OK gotcha - I guess I just wasn't quite sure where that was going..........
_________________________
The opinions expressed are my own, take them or leave them.

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#1820873 - 06/06/13 09:06 AM Re: TUTMA accounts [Re: INOH]
INOH Offline
Gold Star

Registered: 07/18/12
Posts: 297
Loc: Northeast
Thank you guys! I will show it to my new account officer.
_________________________
Just trying to swim in the compliance world.

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#1839832 - 08/06/13 01:07 PM Re: TUTMA accounts [Re: INOH]
R Banker Offline
Power Poster

Registered: 07/03/03
Posts: 2654
Loc: Austin Texas
INOH, we use DepositPro and in the Account Selection form there should be a place for the custodian to initial - make sure that DepositPro has that form turned on.
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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#1839899 - 08/06/13 02:23 PM Re: TUTMA accounts [Re: INOH]
INOH Offline
Gold Star

Registered: 07/18/12
Posts: 297
Loc: Northeast
R Banker,

is this form in admin?

Thanks,
_________________________
Just trying to swim in the compliance world.

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#1986684 - 01/06/15 04:31 PM Re: TUTMA accounts [Re: INOH]
TLJBanker Offline
New Poster

Registered: 01/06/15
Posts: 2
I have a different question I hope you can help with. We have a TUTMA account where the minor is 7 yrs old. The transferer/custodian has died leaving no successor. I understand that under 14 yrs of age the child's "guardian" is able to take over as Custodian, however, I saw a thread that mentioned that the parent is not necessarily or automatically legally the guardian for the purposes of TUTMA statute. Does this mean that the parent will need to request this designation from the Probate Court before we can make this change on the account?

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#1986689 - 01/06/15 04:32 PM Re: TUTMA accounts [Re: INOH]
-Z- Offline
Diamond Poster

Registered: 12/10/07
Posts: 1612
Loc: Texas
Who said that? I disagree.

(Hopefully, I didn't say it.)
_________________________
Only two things that money can't buy, that's true love & homegrown tomatoes

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#1986748 - 01/06/15 06:41 PM Re: TUTMA accounts [Re: INOH]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 54320
Loc: Galveston, TX
If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor is at least 14 years of age, the minor may designate as successor custodian an adult member of the minor's family, a guardian of the minor, or a trust company in the manner prescribed by Subsection (b). If the minor is younger than 14 years of age or fails to act within 60 days after the ineligibility, death, or incapacity of the custodian, the minor's guardian becomes successor custodian. If the minor has no guardian or the minor's guardian declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or any other interested person may petition the court to designate a successor custodian.
_________________________
The opinions expressed are my own, take them or leave them.

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#1986975 - 01/07/15 01:25 PM Re: TUTMA accounts [Re: INOH]
TLJBanker Offline
New Poster

Registered: 01/06/15
Posts: 2
Thank you rl, thats the statute I read too. :-) I will ignore the thread I read and allow the parent on the account as the custodian. I'm sure they will then take all the money out and spend it but that's not my affair.

Thank you both for your opinions, getting a second one makes me feel better.

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