Haw. Rev. Stat. § 554B-4

Current through the 2024 Legislative Session

Section 554B-4 - Form and effect of receipt and acceptance by custodial trustee, jurisdiction

(a) The obligations of a custodial trustee, including the obligation to follow directions of the beneficiary pursuant to section 554B-7, arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.

(b) The custodial trustee's acceptance may be evidenced by a writing stating in substance:

CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE

I, _____________________________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for ____________________________ (name of beneficiary) under the Hawaii Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Hawaii Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of ________________________.

Dated:__________________

______________________________________

(Signature of Custodial Trustee)

(c) Upon acceptance of the custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the courts of this State with respect to any matter relating to the custodial trust.

HRS § 554B-4

L 1989, c 76, pt of §1