California Probate Code 3909 – (a) Custodial property is created and a transfer is made …
(a) Custodial property is created and a transfer is made whenever any of the following occurs:
(1) An uncertificated security or a certificated security in registered form is either:
Terms Used In California Probate Code 3909
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Financial institution: means a state or national bank, state or federal savings and loan association or credit union, or like organization. See California Probate Code 40
- Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Personal property: All property that is not real property.
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
- Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. See California Probate Code 70
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
- Transferor: means the testator, settlor, grantor, owner, or other person who executes an instrument. See California Probate Code 81
- Trust: includes the following:
California Probate Code 82
- Trust company: means an entity that has qualified to engage in and conduct a trust business in this state. See California Probate Code 83
(A) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(B) Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subdivision (b).
(2) Money is paid or delivered, or a security held in the name of a broker, financial institution, or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(3) The ownership of a life or endowment insurance policy or annuity contract is either:
(A) Registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(B) Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(4) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(5) An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(6) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either:
(A) Issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(B) Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words:
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“as custodian for _____ (Name of Minor) _____ |
under the California Uniform Transfers to Minors Act.”
(7) An interest in any property not described in paragraphs (1) through (6) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subdivision (b).
(b) An instrument in the following form satisfies the requirements of subparagraph (B) of paragraph (1) and paragraph (7) of subdivision (a):
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“TRANSFER UNDER THE CALIFORNIA UNIFORM |
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I, |
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(Name of Transferor or Name and Representative |
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hereby transfer to _____ (Name of Custodian) _____ , |
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as custodian for _____ (Name of Minor) _____ |
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under the California Uniform Transfers to Minors Act, the following: |
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Dated: _________________ |
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_____ (Signature) _____ |
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(Name of Custodian) acknowledges receipt of the property described above as custodian for the minor named above under the California Uniform Transfers to Minors Act. |
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Dated: _________________ |
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_____ (Signature of Custodian) _____ “ |
(c) A transferor shall place the custodian in control of the custodial property as soon as practicable.
(Amended by Stats. 1991, Ch. 1055, Sec. 17.)