54.876 Care of custodial property.
148 words·~1 min read·
/wi/chapter-54/54-876-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
54.876 Care of custodial property.
(1)A custodian shall:
(a)Take control of custodial property;
(b)Register or record title to custodial property if appropriate; and
(c)Collect, hold, manage, invest and reinvest custodial property.
(2)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.
(3)A custodian may invest in or pay premiums on life insurance or endowment policies on: