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Minnesota Statutes Property and Property Interests (Ch. 500-515B) § 501C.1201. Memorial fund

Current as of January 01, 2023 | Updated by FindLaw Staff

Subdivision 1.Establishment. A trust may be created for the purpose of establishing a fund for the benefit of one or more individuals with a single transfer under the Minnesota Uniform Custodial Trust Act  1 in the manner and form provided by section 529.17. A trust authorized under this section must be created and administered and is subject to the Minnesota Uniform Custodial Trust Act.

Subd. 2.Additional funds. Notwithstanding subdivision 1, after a fund has been created, additional funds may be transferred to the fund without the formalities required by chapter 529 if the transferor manifests a reasonable expression of intent to make the transfer, together with a reasonable form of delivery of the property including, but not limited to, the following:

(1) a check payable to the name of the fund and delivered to the trustee or the trustee's custodial agent;

(2) delivery of cash or tangible personal property to the trustee or to the trustee's custodial agent;

(3) delivery and recording of title of stock or other registered security in the name of the fund;

(4) delivery of a deed and acceptance of the deed by the trustee of the fund, or the recording of a deed in the name of the trustee of the fund with the applicable county recorder or registrar of titles for real property; and

(5) any other means of transfer and delivery so that a reasonable person would conclude that the transferor intended the property be titled in the name of, and used for the benefit of the beneficiaries of, the fund.

1 § 529.01 et seq.
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Cite this article: FindLaw.com - Minnesota Statutes Property and Property Interests (Ch. 500-515B) § 501C.1201. Memorial fund - last updated January 01, 2023 | https://codes.findlaw.com/mn/property-and-property-interests-ch-500-515b/mn-st-sect-501c-1201/

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