Vermont Statutes Title 14 Sec. 3219
Terms Used In Vermont Statutes Title 14 Sec. 3219
- Adult: means an individual who has attained 21 years of age. See
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Custodial property: means :
- Custodian: means a person so designated under section 3219 of this title or a successor or substitute custodian designated under section 3228 of this title. See
- Financial institution: means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Minor: means an individual who has not attained 21 years of age. See
- Person: means an individual, corporation, organization, or other legal entity. See
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
- Transfer: means a transaction that creates custodial property under section 3219 of this title. See
- Transferor: means a person who makes a transfer under this chapter. See
§ 3219. 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 Vermont 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) of this section.
(2) 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 Vermont 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 Vermont 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 Vermont 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 Vermont 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: “as custodian for ____ (name of minor) under the Vermont 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 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 Vermont 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: “as custodian for ____ (name of minor) under the Vermont Uniform Transfers to Minors Act.”
(7) An interest in any property not described in subdivisions (1) through (6) of this subsection 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) of this section.
(b) An instrument in the following form satisfies the requirements of subdivisions (a)(1)(B) and (a)(7) of this section:
“TRANSFER UNDER THE VERMONT
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 Vermont 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 Vermont 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. (Added 2015, No. 7, § 1.)