Ind. Code § 30-2-8.5-24

Current through P.L. 221-2021
Section 30-2-8.5-24 - Manner of creating custodial property and effecting transfer; designation of initial custodian; control
(a) Custodial property is created and a transfer is made if:
(1) an uncertificated security or a certificated security in registered form is:
(A) registered 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 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.

IC 30-2-8.5-24

As added by P.L. 267-1989, SEC.2.