New Jersey Statutes 46:38A-19. Manner of creating custodial property and effecting transfer; designation of initial custodian
Terms Used In New Jersey Statutes 46:38A-19
- Adult: means an individual who has attained the age of 21 years. See New Jersey Statutes 46:38A-2
- 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 for the person's own account or for the account of others. See New Jersey Statutes 46:38A-2
- Contract: A legal written agreement that becomes binding when signed.
- Custodian: means a person so designated under R. See New Jersey Statutes 46:38A-2
- Financial institution: means a bank, trust company, savings institution, savings and loan association or credit union, chartered and supervised under State or federal law. See New Jersey Statutes 46:38A-2
- Person: means an individual, corporation, organization, or other legal entity. See New Jersey Statutes 46:38A-2
- 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 New Jersey Statutes 46:38A-2
- Transfer: means a transaction that creates custodial property under R. See New Jersey Statutes 46:38A-2
- Transferor: means a person who makes a transfer under this chapter. See New Jersey Statutes 46:38A-2
- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See New Jersey Statutes 46:38A-2
a. An uncertificated security or a certificated security in registered form is either:
(1) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for ………………………….. (name of minor) under the New Jersey Uniform Transfers to Minors Act,” or
(2) 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 R.S. 46:38A-20;
b. Money is paid or delivered 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: “as custodian for(name of minor) under the New Jersey Uniform Transfers to Minors Act” ;
c. The ownership of a life or endowment insurance policy or annuity contract is either:
(1) 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: “as custodian for …………………………. (name of minor) under the New Jersey Uniform Transfers to Minors Act,” or
(2) 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: “as custodian for ………………………. (name of minor) under the New Jersey Uniform Transfers to Minors Act”;
d. 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: “as custodian for ……………………………….. (name of minor) under the New Jersey Uniform Transfers to Minors Act”;
e. 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: “as custodian for(name of minor) under the New Jersey Uniform Transfers to Minors Act” ;
f. 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:
(1) Issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of minor) under the New Jersey Uniform Transfers to Minors Act,” or
(2) Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words:”as custodian for ………………………………….. (name of minor) under the New Jersey Uniform Transfers to Minors Act” ; or
g. An interest in any property not described in subsections a. through f. of this section 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 R.S. 46:38A-20 Source: New.
P.L. 1987, c. 18, s.1..