Series 10 Exam Question 17: Answer and Explanation
Question: 17
Which of the following is the nominal owner of a Uniform Gifts to Minors Account (UGMA)?
- A. Custodian
- B. Minor
- C. Donor
- D. Parent or guardian
Correct Answer: A
Explanation:
The nominal owner of the securities in a UGMA account is the custodian. The securities are registered in the name of the custodian for the benefit of the minor, who is the beneficial owner.
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