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529.06 GENERAL DUTIES OF CUSTODIAL TRUSTEE.
(a) If appropriate, a custodial trustee shall register or record the instrument vesting title
to custodial trust property.
(b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the
beneficiary in the management, control, investment, or retention of the custodial trust property.
In the absence of effective contrary direction by the beneficiary while not incapacitated, the
custodial trustee shall observe the standard of care set forth in section 501B.151. However,
a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property
received from the transferor.
(c) Subject to subsection (b), a custodial trustee shall take control of and collect, hold,
manage, invest, and reinvest custodial trust property.
(d) A custodial trustee at all times shall keep custodial trust property of which the custodial
trustee has control, separate from all other property in a manner sufficient to identify it clearly as
custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to
recordation, is so identified if an appropriate instrument so identifying the property is recorded,
and custodial trust property subject to registration is so identified if it is registered, or held in an
account in the name of the custodial trustee, designated in substance: "as custodial trustee for
........ (name of beneficiary) under the Minnesota Uniform Custodial Trust Act."
(e) A custodial trustee shall keep records of all transactions with respect to custodial trust
property, including information necessary for the preparation of tax returns, and shall make the
records and information available at reasonable times to the beneficiary or legal representative of
the beneficiary.
History: 1990 c 476 s 6; 1996 c 314 s 7