(a) The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of:

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Terms Used In Tennessee Code 35-7-121

  • Court: means the chancery, probate and juvenile courts and other courts having probate jurisdiction, which shall have concurrent jurisdiction under this chapter. See Tennessee Code 35-7-102
  • Custodial property: means :
    (A) Any interest in property transferred to a custodian under this chapter. See Tennessee Code 35-7-102
  • Custodian: means a person so designated, including a person designated as a joint custodian pursuant to §. See Tennessee Code 35-7-102
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Minor: means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age. See Tennessee Code 35-7-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Tennessee Code 35-7-102
  • Transfer: means a transaction that creates custodial property under this chapter. See Tennessee Code 35-7-102
(1) The minor’s attainment of twenty-one (21) years of age; provided, that this transfer can be withheld until the minor’s attainment of up to twenty-five (25) years of age if the instrument so provides, and if the gift is an inter vivos gift, the instrument further expressly states that deferring termination of custodianship beyond the minor’s attainment of twenty-one (21) years of age will cause the transfer to be a gift of a future interest which may have adverse federal and state gift tax consequences; or
(2) The minor’s death.
(b) At any time a custodian may transfer part or all of the custodial property to a qualified minor’s trust without court order. The transfer terminates the custodianship to the extent of the transfer.
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