This text of Indiana § 30-2-8.5-24 (Manner of creating custodial property and effecting transfer;
designation of initial custodian; control) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(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:
(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 th
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(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):
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: _____
________ (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: _____
(c) A transferor shall place the custodian in control of the custodial
property as soon as practicable.