(a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, 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:
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 District of Columbia’s Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the District of Columbia’s 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 accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.
(July 23, 2002, D.C. Law 14-177, § 2(b), 49 DCR 5092.)
Structure District of Columbia Code
Title 19 - Descent, Distribution, and Trusts. [Enacted title]
Chapter 11 - Custodial Trusts; Uniform Law
§ 19–1102. Custodial trust; general
§ 19–1103. Custodial trustee for future payment or transfer
§ 19–1104. Form and effect of receipt and acceptance by custodial trustee; jurisdiction
§ 19–1105. Transfer to custodial trustee by fiduciary or obligor; facility of payment
§ 19–1106. Multiple beneficiaries; separate custodial trusts; survivorship
§ 19–1107. General duties of custodial trustee
§ 19–1108. General powers of custodial trustee
§ 19–1109. Use of custodial trust property
§ 19–1110. Determination of incapacity; effect
§ 19–1111. Exemption of third person from liability
§ 19–1112. Liability to third person
§ 19–1114. Expenses, compensation, and bond of custodial trustee
§ 19–1116. Limitations of action against custodial trustee
§ 19–1117. Distribution on termination