North Carolina General Statutes 33A-9. Manner of creating custodial property and effecting transfer; designation of initial custodian; control
(a) Custodial property is created and a transfer is made whenever:
(1) An uncertificated security or a certificated security in registered form is either:
a. 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 North Carolina Uniform Transfers to Minors Act”; or
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 subsection (b);
Terms Used In North Carolina General Statutes 33A-9
- 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.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(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: “as custodian for __________________ (name of minor) under the North Carolina 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: “as custodian for __________ (name of minor) under the North Carolina Uniform Transfers to Minors Act”; or
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: “as custodian for __________ (name of minor) under the North Carolina 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: “as custodian for __________ (name of minor) under the North Carolina Uniform Transfers to Minors Act”;
(5) An interest in real property is conveyed or devised to the transferor, an adult other than the transferor, or a trust company, whose name in the conveyance is followed in substance by the words: “as custodian for __________ (name of minor) under the North Carolina 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: “as custodian for __________ (name of minor) under the North Carolina Uniform Transfers to Minors Act”; or
b. 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 North Carolina Uniform Transfers to Minors Act”; or
(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 subsection (b).
(b) An instrument in the following form satisfies the requirements of paragraphs (1)b. and (7) of subsection (a):
TRANSFER UNDER THE NORTH CAROLINA
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 North Carolina 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 North Carolina 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. (1987, c. 563, s. 2; 1997-456, s. 27.)