2003 Minnesota Statutes

     529.05 Multiple beneficiaries; separate custodial 
  trusts; survivorship. 

    (a) Beneficial interests in a custodial trust created for 
 multiple beneficiaries are deemed to be separate custodial 
 trusts of equal undivided interests for each beneficiary.  
 Except in a transfer or declaration for use and benefit of 
 husband and wife, for whom survivorship is presumed, a right of 
 survivorship does not exist unless the instrument creating the 
 custodial trust specifically provides for survivorship or 
 survivorship is required as to community or marital property. 

    (b) Custodial trust property held under sections 529.01 to 
 529.19 by the same custodial trustee for the use and benefit of 
 the same beneficiary may be administered as a single custodial 
 trust. 

    (c) A custodial trustee of custodial trust property held 
 for more than one beneficiary shall separately account to each 
 beneficiary pursuant to sections 529.06 and 529.14 for the 
 administration of the custodial trust. 

    HIST: 1990 c 476 s 5