Utah Code 75A-8-110. Manner of creating custodial property and effecting transfer — Designation of initial custodian — Control
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(1) Custodial property is created and a transfer is made when:
Terms Used In Utah Code 75A-8-110
- Adult: means an individual who is 21 years old or older. See Utah Code 75A-8-102
- 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 accounts of others. See Utah Code 75A-8-102
- Contract: A legal written agreement that becomes binding when signed.
- Custodial property: means :(7)(a) any interest in property transferred to a custodian under this chapter; and(7)(b) the income from and proceeds of that interest in property. See Utah Code 75A-8-102
- Custodian: means a person so designated under Section
75A-8-110 or a successor or substitute custodian designated under Section75A-8-119 . See Utah Code 75A-8-102 - Financial institution: means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law. See Utah Code 75A-8-102
- Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
- Payor: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102 - Person: means an individual, corporation, organization as defined in Section
75-1-201 , or other legal entity. See Utah Code 75A-8-102 - Property: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102 - Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Security: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102 - 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 Utah Code 75A-8-102
- Transfer: means a transaction that creates custodial property under Section
75A-8-109 . See Utah Code 75A-8-102 - Transferor: means a person who makes a transfer under this chapter. See Utah Code 75A-8-102
- Trust: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102 - Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Utah Code 75A-8-102
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
- Writing: includes :(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5
(1)(a) an uncertificated security or a certificated security in registered form is either:
(1)(a)(i) 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 Uniform Transfers to Minors Act”; or
(1)(a)(ii) 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 in Subsection (2);
(1)(b) 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 Uniform Transfers to Minors Act”;
(1)(c) the ownership of a life or endowment insurance policy or annuity contract is either:
(1)(c)(i) 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 Uniform Transfers to Minors Act”; or
(1)(c)(ii) 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 Uniform Transfers to Minors Act”;
(1)(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 Uniform Transfers to Minors Act”;
(1)(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 Uniform Transfers to Minors Act”;
(1)(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)(f)(i) 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 Uniform Transfers to Minors Act”; or
(1)(f)(ii) 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 Uniform Transfers to Minors Act”;
(1)(g) an interest in any property not described in Subsections (1)(a) through (f) 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 (2); or
(1)(h) contributions are made into a custodial account at the Utah Educational Savings Plan in accordance with Title 53B, Chapter 8a, Utah Educational Savings Plan.
(2) An instrument in the following form satisfies the requirements of Subsections (1)(a)(ii) and (1)(g): “Transfer Under the 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 Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).
Dated: ……………………………………………………
……………….. (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Uniform Transfers to Minors Act.
Dated: ……………………..
(3) A transferor shall place the custodian in control of the custodial property as soon as practicable.