Section 11.1 History of Legislation

• Library: Trusts and Powers 2013 Supp

A. (§11.1) History of Legislation

Missouri adopted its version of the Uniform Transfers to Minors Act (UTMA), 8C U.L.A. 13 (2001), in 1985. The Missouri Transfers to Minors Law (MTML), §§ 404.005–404.094, RSMo 2000, was initially adopted in S.B. 35, 83^rd Gen. Assembly, 1^st Reg. Sess., effective September 28, 1985. It was amended in 1989, 1993, and 1998.

By way of historical background regarding the model law, the adoption of the UTMA in 1983 completed the development of the custodianship concept for administration of property owned by minors. In 1954, the original model Act concerning Gifts of Securities to Minors was sponsored by the New York Stock Exchange and the Association of Stock Exchange Firms and promoted as a practical means of making present transfers of small gifts of corporate securities to children without incurring the cost of a court-supervised conservatorship for the minor or a privately drawn and administered trust. In 1956, the National Conference of Commissioners on Uniform State Laws (NCCUSL) promulgated the first Uniform Gifts to Minors Act (UGMA), 8A U.L.A. 297–99 (2003), which expanded the permissible property holdings of a minor’s custodianship to include money as well as securities. In 1966, a revised UGMA added life insurance and annuity...