Section 4. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, shall 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 Massachusetts Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Massachusetts 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 shall be subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.
‹ Prev All Massachusetts sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.