2006 Minnesota Statutes

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 529.17. 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
custodial agent;
(2) delivery of cash or tangible personal property to the trustee or to the trustee's custodial
agent;
(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