501B.012 MEMORIAL FUND.
Subdivision 1. Establishment.
A trust may be created for the purpose of establishing a fund
for the benefit of one or more individuals with a single transfer under the Minnesota Uniform
Custodial Trust Act in the manner and form provided by section
. A trust authorized
under this section must be created and administered and is subject to the Minnesota Uniform
Custodial Trust Act.
Subd. 2. Additional funds.
Notwithstanding subdivision 1, after a fund has been created,
additional funds may be transferred to the fund without the formalities required by chapter 529 if
the transferor manifests a reasonable expression of intent to make the transfer, together with a
reasonable form of delivery of the property including, but not limited to, the following:
(1) a check payable to the name of the fund and delivered to the trustee or the trustee's
(2) delivery of cash or tangible personal property to the trustee or to the trustee's custodial
(3) delivery and recording of title of stock or other registered security in the name of the fund;
(4) delivery of a deed and acceptance of the deed by the trustee of the fund, or the recording
of a deed in the name of the trustee of the fund with the applicable county recorder or registrar of
titles for real property; and
(5) any other means of transfer and delivery so that a reasonable person would conclude
that the transferor intended the property be titled in the name of, and used for the benefit of the
beneficiaries of, the fund.
History: 2004 c 146 art 1 s 1