Indiana Code 30-2-8.5-24. Manner of creating custodial property and effecting transfer; designation of initial custodian; control
(1) an uncertificated security or a certificated security in registered form is:
Terms Used In Indiana Code 30-2-8.5-24
- adult: means an individual who is at least twenty-one (21) years of age. See Indiana Code 30-2-8.5-1
- 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.
- broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities, or both, for the person's own account or for the account of others, or both. See Indiana Code 30-2-8.5-3
- Contract: A legal written agreement that becomes binding when signed.
- custodial property: means :
Indiana Code 30-2-8.5-4
- custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
- financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Indiana Code 30-2-8.5-6
- minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- state: includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and a territory or possession subject to the legislative authority of the United States. See Indiana Code 30-2-8.5-13
- transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
- transferor: means a person who makes a transfer under this chapter. See Indiana Code 30-2-8.5-15
- trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.5-16
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(i) the transferor;
(ii) an adult other than the transferor; or
(iii) a trust company;
followed by the words: “as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act”; or
(B) delivered if in certificated form, or a document necessary for the transfer of an uncertificated security is delivered, together with a 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 subsection (b);
(2) money is paid or delivered to a broker or financial institution for credit to an account in the name of:
(A) the transferor;
(B) an adult other than the transferor; or
(C) a trust company;
followed by the words: “as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act”;
(3) the ownership of a life or endowment insurance policy or annuity contract is:
(A) registered with the issuer in the name of:
(i) the transferor;
(ii) an adult other than the transferor; or
(iii) a trust company;
followed by the words: “as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act”; or
(B) assigned in a writing delivered to:
(i) an adult other than the transferor; or
(ii) a trust company;
whose name in the assignment is followed by the words: “as custodian for ___________ (name of minor) under the Indiana uniform transfers to minors act”;
(4) an irrevocable exercise of a power of appointment or an irrevocable present right to future payment is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to:
(A) the transferor;
(B) an adult other than the transferor; or
(C) a trust company;
whose name in the notification is followed by the words: “as custodian for _______ (name of minor) under the Indiana uniform transfers to minors act”;
(5) an interest in real property is recorded in the name of:
(A) the transferor;
(B) an adult other than the transferor; or
(C) a trust company;
followed by the words: “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”;
(6) a certificate of title issued by a department or agency of a state or of the United States that evidences title to tangible personal property is:
(A) issued in the name of:
(i) the transferor;
(ii) an adult other than the transferor; or
(iii) a trust company;
followed by the words: “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”; or
(B) delivered and endorsed to:
(i) an adult other than the transferor; or
(ii) a trust company;
followed by the words: “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”; or
(7) an interest in property not described in subdivisions (1) through (6) is transferred to:
(A) an adult other than the transferor; or
(B) a trust company;
by a written instrument in substantially the form set forth in subsection (b).
(b) An instrument in the following form satisfies the requirements of subsection (a)(1)(B) and (a)(7):
|
TRANSFER UNDER THE INDIANA UNIFORM |
|
TRANSFERS TO MINORS ACT |
I, __________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to _________ (name of custodian), as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act, the following: (insert a description of the custodial property sufficient to identify it).
Dated: _____
|
_________________ |
|
(Signature) |
________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Indiana uniform transfers to minors act.
Dated: _____
|
____________________ |
|
(Signature of Custodian) |
(c) A transferor shall place the custodian in control of the custodial property as soon as practicable.
As added by P.L.267-1989, SEC.2.