A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, which shall include but not be limited to those powers set forth in § 64.2-105 as of the date the custodian acts, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.
B. This section does not relieve a custodial trustee from liability for a violation of § 64.2-906.
1990, c. 264, § 55-34.8; 2012, c. 614.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 9 - Uniform Custodial Trust Act
§ 64.2-901. Custodial trust; creation and termination; general provisions
§ 64.2-902. Custodial trustee for future payment or transfer
§ 64.2-903. Form and effect of receipt and acceptance by custodial trustee; jurisdiction
§ 64.2-904. Transfer to custodial trustee by fiduciary or obligor; facility of payment
§ 64.2-905. Multiple beneficiaries; separate custodial trusts; survivorship
§ 64.2-906. General duties of custodial trustee
§ 64.2-907. General powers of custodial trustee
§ 64.2-908. Use of custodial trust property
§ 64.2-909. Determination of incapacity; effect
§ 64.2-910. Exemption of third person from liability
§ 64.2-911. Liability to third person; exceptions
§ 64.2-913. Expenses, compensation, and bond of custodial trustee
§ 64.2-914. Reporting and accounting by custodial trustee; determination of liability
§ 64.2-915. Limitations of action against custodial trustee
§ 64.2-916. Distribution on termination