Which of the following statements is NOT TRUE regarding the Uniform Gifts to Minors Act?

The statement that securities must be held in the name of the brokerage firm is not true regarding the Uniform Gifts to Minors Act (UGMA). Under UGMA, assets, including securities, are actually held in the name of the custodian for the benefit of the minor. The custodian is responsible for managing the assets until the minor reaches the age of majority, at which point the assets are transferred to the minor's name. This structure is meant to ensure that the assets are directly tied to the minor rather than to the brokerage firm.

On the other hand, the other statements are indeed true. There can only be one custodian for each UGMA account to maintain clear accountability for the assets. Moreover, minors are responsible for any tax liabilities from dividends and interest earned on the securities in the account, as these earnings are considered the minor's income. Additionally, only adults can serve as custodians under UGMA, ensuring that a capable individual manages the minor's assets responsibly until they come of age.