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760 ILCS 20/13
(760 ILCS 20/13) (from Ch. 110 1/2, par. 263)
Sec. 13.
Care of Custodial Property.
(a) A custodian shall:
(1) take control of custodial property;
(2) register or record title to custodial property if appropriate; and
(3) collect, hold, manage, invest, and reinvest custodial property.
(b) The custodian, notwithstanding statutes restricting investments by
fiduciaries, shall invest and reinvest the custodial property as would a
prudent person of discretion and intelligence who is seeking a reasonable
income and the preservation of his capital, including without limitation in
one or more common trust funds as defined in and from time to time
established, maintained and administered pursuant to "An Act concerning
common trust funds", approved July 29, 1943, as now or hereafter amended,
except that he may, in his discretion and without liability to the minor or
his estate, retain custodial property given to the minor in a manner
prescribed in this Act or hold money so given in an account in the
financial institution to which it was paid or delivered by the transferor.
(c) A custodian may invest in or pay premiums on life insurance or
endowment policies on (i) the life of the minor only if the minor or the
minor's estate is the sole beneficiary, or (ii) the life of another person
in whom the minor has an insurable interest only to the extent that the
minor, the minor's estate, or the custodian in the capacity of custodian,
is the irrevocable beneficiary.
(d) A custodian at all times shall keep custodial property separate and
distinct from all other property in a manner sufficient to identify it
clearly as custodial property of the minor. Custodial property consisting
of an undivided interest is so identified if the minor's interest is held as a
tenant in common and is fixed. Custodial property subject to recordation
is so identified if it is recorded, and custodial property subject to
registration is so identified if it is either registered, or held in an
account designated, in the name of the custodian, followed in substance by
the words: "as a custodian for .......... (name of minor) under the Illinois
Uniform Transfers to Minors Act".
(e) A custodian shall keep records of all transactions with respect to
custodial property, including information necessary for the preparation of
the minor's tax returns, and shall make them available for inspection at
reasonable intervals by a parent or representative of the minor or by
the minor if the minor has attained the age of 14 years.
(Source: P.A. 84-1129.)
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