What Does the Uniform Transfers to Minors Act Establish

question 14

Multiple Choice

What does the Uniform Transfers to Minors Act establish?

• A) rights for what a minor is allowed in case of inheritances without involving custodians
• B) rights for what a minor can accept from an adult
• C) procedures for adults to make irrevocable gifts of money and securities to minors
• D) procedures for minors making gifts of money and securities to minors

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Definitions:

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Due Date

The due date refers to the specific day on which a payment is due or a task must be completed.

Promissory Note

A financial instrument involving a written promise by one party to pay a definite sum of money to another party under specific terms.

Dishonored

A term used when a financial obligation or instrument, such as a check or bill, is not honored or paid when presented for payment.