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Reference 1.

Kinds of Property That Can Be Given Under the Uniform Gifts To Minors Act and the Uniform Transfers To Minors Act In the Various States

Note: Under the official texts of the original (1956) and revised (1966) versions of the Uniform Gifts to Minors Act, gifts of securities and money can be made. Both the 1956 Act and the 1966 Act define a "security" as "includ(ing) any note, stock, treasury stock, bond, debenture, evidence of indebtedness, [certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under such a title or lease,] collateral trust certificate, transferable share, voting trust certificate or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation in, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. The term does not include a security of which the donor is the issuer." (The bracketed text in the definition of a "security" is material characterized by the drafters of the 1956 and 1966 Acts as optional.) A few states have modified the foregoing definition of a "security"; those modifications have not been included in this table.

The 1966 Act adds that gifts of certain life insurance policies and annuity contracts can be made. That Act defines a "life insurance policy or annuity contract" as "a life insurance policy or annuity contract issued by an insurance company [authorized to do business in this state] on the life of a minor to whom a gift of the policy or contract is made in the manner prescribed in this act or on the life of a member of the minor's family." (It appears that the drafters of the 1966 Act considered the bracketed text to be recommended yet optional.) The 1966 Act defines a "member" of the "minor's family" as "any of the minor's parents, grandparents, brothers, sisters, uncles and aunts, whether of the whole blood or the half blood, or by or through legal adoption." Again, variations in the definitions adopted by particular states have not been included in this table.

It is important to note that both the 1956 and 1966 Acts have been withdrawn from recommendation for enactment by the National Conference of Commissioners on Uniform State Laws. Only Vermont has not adopted a version of the Uniform Transfers to Minors Act.

It seems that the Uniform Transfers To Minors Act (1983) was intended to permit the transfer in custodianship of any kind of interest in any kind of property. However, the text of that Act does not clearly accomplish that purpose. Most states that have adopted a version of the 1983 Act have failed to remove the ambiguities presented by that Act's text. For each of these states, the table tries to present a reasonable conclusion about the kind of property that the subject state intended to make eligible for transfer in custodianship. Some of the states that have carried over the textual ambiguities of the 1983 Act have adopted clarifying comments that help one interpret their statutes. The entry for each of these states carries a symbol ("[dagger]"), indicating that the conclusion presented draws insight from the state's comments. However, research has found no evidence of the adoption of clarifying comments in the vast majority of states that have carried over the textual ambiguities of the 1983 Act. The entry for each of these states bears an asterisk ("*").

It appears, based on comments to the 1983 Act, that the 1956 and 1966 Acts did not contemplate the transfer of equitable property interests but that the 1983 Act did intend to allow the transfer of equitable interests in property. Some statutes seem to contemplate the eligibility of equitable interests while also including language that seems to limit the eligible property interests to legal interests. In such cases, this table indicates that at least legal interests in property are eligible and alerts the reader that the eligibility of equitable interests is unclear.

This table is designed to reflect the provisions relevant to current transactions. Statutory citations are to the complete texts of the various statutes.

Alabama. Any kind of interest in any kind of property. [dagger] See Ala. Code [section][section]35-5A-1 through 35-5A-24.

Alaska. Any kind of interest in any kind of property.* See Alaska Stat. [section][section]13.46.010 through 13.46.999.

Arizona. Any kind of interest in any kind of property.* See Ariz. Rev. Stat. Ann. [section][section]14-7651 through 14-7671.

Arkansas. Any kind of interest in any kind of property. [dagger] See Ark. Code Ann. [section][section]9-26-201 through 9-26-227.

California. Any kind of interest in any kind of property. [dagger] See Cal. Prob. Code [section][section]3900 through 3925.

Colorado. Any kind of interest in any kind of property.* See Colo. Rev. Stat. [section][section]11-50-101 through 11-50-126.

Connecticut. Any kind of interest in any kind of property.* See Gen. Stats. Ann. [section][section]451557 through 45a-560b.

Delaware. Any kind of interest in any kind of property.* See Del. Code Ann., tit. 12, [section][section]4501 through 4523.

District of Columbia. Any kind of interest in any kind of property.* See D.C. Code Ann. [section][section]21-301 through 21-324.

Florida. Any kind of interest in any kind of property.* See Fla. Stat. Ann. [section][section]710.101 through 710.126.

Georgia. Any kind of interest in any kind of property.* See Ga. Code Ann. [section][section]44-5-110 through 44-5-134.

Hawaii. Any kind of interest in any kind of property.* See Haw. Rev. Stat. [section][section]553A-1 through 553A-24.

Idaho. Any kind of interest in any kind of property.* See Idaho Code [section][section]68-801 through 68-825.

Illinois. Any kind of interest in any kind of property.* See 760 ILCS 20/1 through 20/24.

Indiana. Any kind of interest in any kind of property.* See Ind. Code Ann. [section][section]30-2-8.5-1 through 30-2-8.5-40 .

Iowa. Any kind of interest in any kind of property, except tangible personal property subject to registration of ownership with a state or federal agency.* See Iowa Code Ann. [section][section]565B.1 through 565B.25.

Kansas. Any kind of interest in any kind of property.* See Kan. Stat. Ann. [section][section]38-1701 through 38-1726.

Kentucky. Any kind of interest in any kind of property.* See Ky. Rev. Stat. Ann. [section][section]385.012 through 385.252.

Louisiana. Any kind of interest in any kind of property.* See La. Rev. Stat. Ann. [section][section]9:751 through 9:773.

Maine. Any kind of interest in any kind of property.* See Me. Rev. Stat. Ann. 33, [section][section]1651 through 1674.

Maryland. Any kind of interest in any kind of property.* See Md. Est. & Trusts Code Ann. [section][section]13-301 through 13-324.

Massachusetts. Any kind of interest in any kind of property.* See Mass. Ann. Laws ch. 201A, [section][section]1 through 24.

Michigan. Any kind of interest in any kind of property.* See Mich. Comp. Laws Ann. [section][section]554.521 through 554.552.

Minnesota. Any kind of interest in any kind of property.* See Minn. Stat. Ann. [section][section]527.21 through 527.44.

Mississippi. Any kind of interest in any kind of property.* See Miss. Code Ann. [section][section]91-20-1 through 91-20-49.

Missouri. Any present or future interest in property, real or personal, tangible or intangible, legal or equitable. See Mo. Ann. Stat. [section][section]404.005 through 404.094.

Montana. Any kind of interest in any kind of property.'1 See Mont. Code Ann. [section][section]72-26 501 through 72-26-803.

Nebraska. Any kind of interest in any kind of property.* See Neb. Rev. Stat. [section][section]43-2701 through 43-2724.

Nevada. At least any kind of legal interest in any kind of property; eligibility of equitable interests is unclear.* See Nev. Rev. Stat. Ann. [section][section]167.010 through 167.100.

New Hampshire. Any kind of interest in any kind of property.* See N.H. Rev. Stat. Ann. [section][section]463-A:1 through 463-A:26.

New Jersey. Any kind of interest in any kind of property.* See N.J. Stat. Ann. [section][section]46:38A-1 through 46:38A-57.

New Mexico. Any kind of interest in any kind of property.* See N.M. Stat. Ann. [section][section]467-11 to 46-7-34.

New York. Any kind of interest in any kind of property.* See N.Y. Est. Powers & Trusts Law [section][section]7-6.1 through 7-6.26.

North Carolina. Any kind of interest in any kind of property.* See N.C. Gen. Stat. [section][section]33A 1 through 33A-24.

North Dakota. Any kind of interest in any kind of property.* See N.D. Cent. Code [section][section]4724.1-01 through 47-24.1-22.

Ohio. At least legal interests in any kind of property; eligibility of equitable interests is unclear. See Oh. Rev. Code Ann. [section][section]5814.01 through 5814.09.

Oklahoma. Any kind of interest in any kind of property.* See Okla. Stat. Ann. tit. 58, [section][section]1201 through 1225.

Oregon. Any kind of interest in any kind of property.* See Or. Rev. Stat. [section][section]126.805 through 126.886.

Pennsylvania. Any kind of interest in any kind of property.* See 20 Pa. Cons. Stat. Ann. [section][section]5301 through 5321.

Rhode Island. Any kind of interest in any kind of property.* See R.I. Gen. Laws [section][section]18-7-1 through 18-7-26.

South Carolina. At least legal interests in any kind of property; eligibility of equitable interests is unclear. See S.C. Code Ann. [section][section]63-5-500 through 63-5-600.

South Dakota. Any kind of interest in any kind of property.* See S.D. Codified Laws Ann. [section][section]55-10A-1 to 55-10A-26.

Tennessee. Any kind of interest in any kind of property.* See Tenn. Code Ann. [section][section]35-7-101 through 35-7-126.

Texas. Any kind of interest in any kind of property.* See Tex. Prop. Code Ann. [section][section]141.001 through 141.025.

Utah. Any kind of interest in any kind of property.* See Utah Code Ann. [section][section]75-5a-101 through 75-5a-123.

Vermont. At least securities and money. Statute appears intended to also include certain life insurance policies and certain annuity contracts. SeeVt. Stat. Ann. tit. 14, [section][section]3201 through 3209.

Virginia. Any kind of interest in any kind of property.* SeeVa. Code Ann. [section][section]31-37 through 31-59.

Washington. Any kind of interest in any kind of property.* See Wash. Rev. Code Ann. [section][section]11.114.010 through 11.114.904.

West Virginia. Any kind of interest in any kind of property.* See W.Va. Code [section][section]36-7-1 through 36-7-24.

Wisconsin. Any kind of interest in any kind of property.* See Wis. Stat. Ann. [section][section]54.854 through 54.898.

Wyoming. Any kind of interest in any kind of property.* See Wyo. Stat. Ann. [section][section]34-13-114 through 34-13-137.
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Title Annotation:APPENDIX D
Publication:Tax Facts on Investments
Date:Jan 1, 2011
Words:1814
Previous Article:Valuation tables.
Next Article:Reference 2.

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