38-1713.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 thestandard of care that would be observed by a prudent person dealing withproperty of another and is not limited by any other statute restrictinginvestments by fiduciaries. If a custodian has a special skill or expertiseor is named custodian on the basis of representations of a special skill orexpertise, the custodian shall use that skill or expertise. However, acustodian, in the custodian's discretion and without liability to the minoror 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 orendowment policies on (i) the life of the minor only if the minor or theminor's estate is the sole beneficiary, or (ii) the life of another personin whom the minor has an insurable interest only to the extent that theminor, 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 anddistinct from all other property in a manner sufficient to identify itclearly as custodial property of the minor. Custodial property consistingof an undivided interest is so identified if the minor's interest is heldas a tenant in common and is fixed. Custodial property subject torecordation is so identified if it is recorded, and custodial propertysubject to registration is so identified if it is either registered, orheld in an account designated, in the name of the custodian, followed insubstance by the words: "as a custodian for _________ (name of minor) underthe Kansas uniform transfers to minors act."
(e) A custodian shall keep records of all transactions with respect tocustodial property, including information necessary for the preparation ofthe minor's tax returns, and shall make them available for inspection atreasonable intervals by a parent or legal representative of the minor or bythe minor if the minor has attained the age of 14 years.
38-1713.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 thestandard of care that would be observed by a prudent person dealing withproperty of another and is not limited by any other statute restrictinginvestments by fiduciaries. If a custodian has a special skill or expertiseor is named custodian on the basis of representations of a special skill orexpertise, the custodian shall use that skill or expertise. However, acustodian, in the custodian's discretion and without liability to the minoror 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 orendowment policies on (i) the life of the minor only if the minor or theminor's estate is the sole beneficiary, or (ii) the life of another personin whom the minor has an insurable interest only to the extent that theminor, 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 anddistinct from all other property in a manner sufficient to identify itclearly as custodial property of the minor. Custodial property consistingof an undivided interest is so identified if the minor's interest is heldas a tenant in common and is fixed. Custodial property subject torecordation is so identified if it is recorded, and custodial propertysubject to registration is so identified if it is either registered, orheld in an account designated, in the name of the custodian, followed insubstance by the words: "as a custodian for _________ (name of minor) underthe Kansas uniform transfers to minors act."
(e) A custodian shall keep records of all transactions with respect tocustodial property, including information necessary for the preparation ofthe minor's tax returns, and shall make them available for inspection atreasonable intervals by a parent or legal representative of the minor or bythe minor if the minor has attained the age of 14 years.
38-1713.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 thestandard of care that would be observed by a prudent person dealing withproperty of another and is not limited by any other statute restrictinginvestments by fiduciaries. If a custodian has a special skill or expertiseor is named custodian on the basis of representations of a special skill orexpertise, the custodian shall use that skill or expertise. However, acustodian, in the custodian's discretion and without liability to the minoror 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 orendowment policies on (i) the life of the minor only if the minor or theminor's estate is the sole beneficiary, or (ii) the life of another personin whom the minor has an insurable interest only to the extent that theminor, 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 anddistinct from all other property in a manner sufficient to identify itclearly as custodial property of the minor. Custodial property consistingof an undivided interest is so identified if the minor's interest is heldas a tenant in common and is fixed. Custodial property subject torecordation is so identified if it is recorded, and custodial propertysubject to registration is so identified if it is either registered, orheld in an account designated, in the name of the custodian, followed insubstance by the words: "as a custodian for _________ (name of minor) underthe Kansas uniform transfers to minors act."
(e) A custodian shall keep records of all transactions with respect tocustodial property, including information necessary for the preparation ofthe minor's tax returns, and shall make them available for inspection atreasonable intervals by a parent or legal representative of the minor or bythe minor if the minor has attained the age of 14 years.
