Review Topics
Practice Exams
Buffalo roam at night and at dusk, but we aren't the ones who have to wake up for an 8 a.m. test.

UGMA and UTMA Drill

  • 1.

    Pop opened an account for Junior as an UTMA account. The state where the account was opened provides that beneficiaries of UTMA accounts become "of age" at twenty-two. Junior calls the broker on his twenty-second birthday and instructs him to liquidate the account and send him the proceeds. The broker complies with the request. Does the broker have any liability?

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    We'll give you the first and last question on this exam. So you know we actually did the whole thing.