Section 75A-8-118 - Liability to third persons(1) A claim may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable, if the claim is based on: (a) a contract entered into by a custodian acting in a custodial capacity;(b) an obligation arising from the ownership or control of custodial property; or(c) a tort committed during the custodianship.(2) A custodian is not personally liable:(a) on a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or(b) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.(3) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.Renumbered from § 75-5a-118 and amended by Chapter 364, 2024 General Session ,§ 224, eff. 9/1/2024.Enacted by Chapter 272, 1990 General Session