§ 30-2-8.6-24 — Custodial trustee's acceptance of trust property

Indiana § 30-2-8.6-24

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.6: Uniform Custodial Trust Act

Text

(a) Obligations of a custodial trustee,
including the obligation to follow directions of the beneficiary, arise
under this chapter upon the custodial trustee's acceptance, express or
implied, of the custodial trust property.
(b) The custodial trustee's acceptance may be evidenced by a writing
stating in substance:
CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE
I, _______________ (name of custodial trustee) acknowledge
receipt of the custodial trust property described below or in the
attached instrument and accept the custodial trust as custodial trustee
for _______________ (name of beneficiary) under the Indiana uniform
custodial trust act. I undertake to administer and distribute the custodial
trust property under the Indiana uniform custodial trust act. My
obligations as custodial trustee are subject to the directions of the
beneficiary unless the beneficiary is designated as, is, or becomes
incapacitated. The custodial trust property consists of _____________.
Dated:__________________________
________________________________
(Signature of Custodial Trustee)
(c) Upon accepting custodial trust property, a person designated as
custodial trustee under this chapter is subject to personal jurisdiction
of the court with respect to any matter relating to the custodial trust.

Legislative History

As added by P.L.3-2003, SEC.1.