§ 21-309 — Manner of creating custodial property and effecting transfer; designation of initial custodian; control.

(a) Custodial property is created and a transfer is made when:

(1) An uncertificated security is either: TRANSFER UNDER THE DISTRICT OF COLUMBIA UNIFORM TRANSFERS TO MINORS ACT I, __________ [name of transferor or name of representative capacity if a fiduciary] hereby transfer to __________ [name of custodian], as custodian for __________ [name of minor] under the District of Columbia Uniform Transfers to Minors Act, the following: [insert a description of the custodian property sufficient to identify it]. Dated: __________ ________________________ [Signature] __________ [name of custodian] acknowledges receipt of the property described above as a custodian for the minor named above under the District of Columbia 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.

(d) A transferor who transfers property to an individual under the age of 21 years pursuant to section 21-304 or 21-305 may expressly provide that the custodian shall deliver, convey, or pay the property to the individual on the individual’s attaining the age of 21 by inclusion of the parenthetical “(21)” after the words “District of Columbia Uniform Transfers to Minors Act” or substantially similar language. In such case, the word “minor”, as used in this chapter, shall mean an individual who has not attained the age of 21 years.

Legislative History

Mar. 12, 1986, D.C. Law 6-87, § 2(a), 33 DCR 278; Mar. 24, 1998, D.C. Law 12-81, § 14(b), 45 DCR 745; Apr. 27, 2001, D.C. Law 13-292, § 602(a), 48 DCR 2087