Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Perplexing Problems Under the Uniform Transfers to Minors Act
The Uniform Transfers to Minors Act (hereinafter “UTMA”), like its predecessor, The Uniform Gifts to Minors Act (hereinafter “UGMA”), is a comprehensive statutory scheme designed to allow money and property to be transferred to children easily. However, like all statutes, disputes arise that require an examination of relevant case law, and such disputes have crept into family law and related proceedings. Becoming familiar with the UTMA will help you avoid problems in settling or trying cases that involve custodial assets.
Statutory references for illustrative purposes will be to the Illinois Act, 760 ILCS 20/1 et seq., all of which sections are said in the Historical and Statutory Notes to be similar to the corresponding provisions in the Uniform Act. One of the things you need to do is check your state to see whether the age of majority is altered. For example, in Illinois, a minor is defined as a person under 18, and a person who is 18 is of legal age for all purposes except as provided in the UTMA. The Illinois UTMA then defines an adult as an individual who has attained the age of 21 years. 760 ILCS 20/2. Some divorce judgments have attempted to appoint two individuals as co-custodians. Be aware that under the UTMA, only one person may be the custodian. 760 ILCS 20/11.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.