This text of Indiana § 30-2-8.6-38 (Creating a custodial trust) 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)If a transaction, including a declaration
with respect to or a transfer of specific property, otherwise satisfies
applicable law, the criteria of section 18 of this chapter are satisfied by
either of the following:
(1)The execution and either delivery to the custodial trustee or
recording of an instrument in substantially the following form:
TRANSFER UNDER THE
INDIANA UNIFORM CUSTODIAL TRUST ACT
I, _______________ (name of transferor or name and
representative capacity if a fiduciary), transfer to _______________
(name of trustee other than transferor), as custodial trustee for
_______________ (name of beneficiary) as beneficiary and
______________ as distributee on termination of the trust in absence
of direction by the beneficiary under the Indiana uniform custodial trust
act, the f
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(a) If a transaction, including a declaration
with respect to or a transfer of specific property, otherwise satisfies
applicable law, the criteria of section 18 of this chapter are satisfied by
either of the following:
(1) The execution and either delivery to the custodial trustee or
recording of an instrument in substantially the following form:
TRANSFER UNDER THE
INDIANA UNIFORM CUSTODIAL TRUST ACT
I, _______________ (name of transferor or name and
representative capacity if a fiduciary), transfer to _______________
(name of trustee other than transferor), as custodial trustee for
_______________ (name of beneficiary) as beneficiary and
______________ as distributee on termination of the trust in absence
of direction by the beneficiary under the Indiana uniform custodial trust
act, the following: (insert a description of the custodial trust property
legally sufficient to identify and transfer each item of property).
Dated: _______________________
______________________________
(Signature)
(2) The execution and the recording or giving notice of its
execution to the beneficiary of an instrument in substantially the
following form:
DECLARATION OF TRUST UNDER THE
INDIANA UNIFORM CUSTODIAL TRUST ACT
I, _______________ (name of owner of property), declare that
henceforth I hold as custodial trustee for _______________ (name of
beneficiary other than transferor) as beneficiary and _______________
as distributee on termination of the trust in absence of direction by the
beneficiary under the Indiana uniform custodial trust act, the following:
(Insert a description of the custodial trust property legally sufficient to
identify and transfer each item of property).
Dated: _______________________
______________________________
(Signature)
(b) Customary methods of transferring or evidencing ownership of
property may be used to create a custodial trust, including any of the
following:
(1) Registration of a security in the name of:
(A) a trust company;
(B) an adult other than the transferor; or
(C) the transferor if the beneficiary is other than the transferor;
designated in substance "as custodial trustee for
_______________ (name of beneficiary) under the Indiana
uniform custodial trust act".
(2) Delivery of:
(A) a certificated security, or a document necessary for the
transfer of an uncertificated security; and
(B) any necessary endorsement;
to an adult other than the transferor or to a trust company as
custodial trustee, accompanied by an instrument in substantially
the form prescribed in subsection (a)(1).
(3) Payment of money or transfer of a security held in the name of
a broker or a financial institution or its nominee to a broker or
financial institution for credit to an account in the name of:
(A) a trust company;
(B) an adult other than the transferor; or
(C) the transferor if the beneficiary is other than the transferor;
designated in substance: "as custodial trustee for
_______________ (name of beneficiary) under the Indiana
uniform custodial trust act".
(4) Registration of ownership of a life or endowment insurance
policy or annuity contract with the issuer in the name of:
(A) a trust company;
(B) an adult other than the transferor; or
(C) the transferor if the beneficiary is other than the transferor;
designated in substance: "as custodial trustee for
_______________ (name of beneficiary) under the Indiana
uniform custodial trust act".
(5) Delivery of a written assignment to:
(A) an adult other than the transferor; or
(B) a trust company;
whose name in the assignment is designated in substance by the
words: "as custodial trustee for _______________ (name of
beneficiary) under the Indiana uniform custodial trust act".
(6) Irrevocable exercise of a power of appointment, pursuant to its
terms, in favor of:
(A) a trust company;
(B) an adult other than the donee of the power; or
(C) the donee who holds the power if the beneficiary is other
than the donee;
whose name in the appointment is designated in substance: "as
custodial trustee for _______________ (name of beneficiary)
under the Indiana uniform custodial trust act".
(7) Delivery of a written notification or assignment of a right to
future payment under a contract to an obligor that transfers the
right under the contract to:
(A) a trust company;
(B) an adult other than the transferor; or
(C) the transferor if the beneficiary is other than the transferor;
whose name in the notification or assignment is designated in
substance: "as custodial trustee for _______________ (name of
beneficiary) under the Indiana uniform custodial trust act".
(8) Execution, delivery, and recordation of a conveyance of an
interest in real property in the name of:
(A) a trust company;
(B) an adult other than the transferor; or
(C) the transferor if the beneficiary is other than the transferor;
designated in substance: "as custodial trustee for
_______________ (name of beneficiary) under the Indiana
uniform custodial trust act".
(9) Issuance of a certificate of title by an agency of a state or of
the United States that evidences title to tangible personal
property:
(A) issued in the name of:
(i) a trust company;
(ii) an adult other than the transferor; or
(iii) the transferor if the beneficiary is other than the
transferor;
designated in substance: "as custodial trustee for
_______________ (name of beneficiary) under the Indiana
uniform custodial trust act"; or
(B) delivered to:
(i) a trust company; or
(ii) an adult other than the transferor or endorsed by the
transferor to that person;
designated in substance: "as custodial trustee for
_______________ (name of beneficiary) under the Indiana
uniform custodial trust act".
(10) Execution and delivery of an instrument of gift to:
(A) a trust company; or
(B) an adult other than the transferor;
designated in substance: "as custodial trustee for
_______________ (name of beneficiary) under the Indiana
uniform custodial trust act".