2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 53 - Pennsylvania Uniform Transfers to Minors Act
5312 - Care of custodial property.

     § 5312.  Care of custodial property.
        (a)  Duties of custodian.--A custodian shall:
            (1)  Take control of custodial property.
            (2)  Register or record title to custodial property if
        appropriate.
            (3)  Collect, hold, manage, invest and reinvest custodial
        property.
        (b)  Standard of care.--In dealing with custodial property, a
     custodian shall observe the standard of care that would be
     observed by a prudent person dealing with property of another
     and is not limited by any other statute restricting investments
     by fiduciaries. If a custodian has a special skill or expertise
     or is named custodian on the basis of representations of a
     special skill or expertise, the custodian shall use that skill
     or expertise. However, a custodian, in the custodian's
     discretion and without liability to the minor or the minor's
     estate, may retain any custodial property received from a
     transferor.
        (c)  Life insurance and endowment policies.--A custodian may
     invest in or pay premiums on life insurance or endowment
     policies on:
            (1)  the life of the minor only if the minor or the
        minor's estate is the sole beneficiary; or
            (2)  the life of another person in whom the minor has an
        insurable interest only to the extent that the minor, the
        minor's estate or the custodian in the capacity of custodian
        is the irrevocable beneficiary.
        (d)  Segregation of custodial property.--A custodian at all
     times shall keep custodial property separate and distinct from
     all other property in a manner sufficient to identify it clearly
     as custodial property of the minor. Custodial property
     consisting of an undivided interest is so identified if the
     minor's interest is held as a tenant in common and is fixed.
     Custodial property subject to recordation is so identified if it
     is recorded, and custodial property subject to registration is
     so identified if it is either registered or held in an account
     designated in the name of the custodian, followed in substance
     by the words: "as a custodian for (name of minor) under the
     Pennsylvania Uniform Transfers to Minors Act."
        (e)  Records.--A custodian shall keep records of all
     transactions with respect to custodial property, including
     information necessary for the preparation of the minor's tax
     returns, and shall make them available for inspection at
     reasonable intervals by a parent or legal representative of the
     minor or by the minor if the minor has attained 14 years of age.

        Cross References.  Section 5312 is referred to in section
     5313 of this title.