§ 18-13-18. Methods and forms for creating custodial trusts.
(a) If a transaction, including a declaration with respect to or a transfer of specific
property, otherwise satisfies applicable law, the criteria of § 18-13-2 are satisfied by:
(1) The execution and either delivery to the custodial trustee or recording of an instrument
in substantially the following form:
TRANSFER UNDER THE RHODE ISLAND
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 Rhode Island 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)
or
(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 RHODE ISLAND
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 Rhode Island 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 trust company, an adult other than the
transferor, or the transferor if the beneficiary is other than the transferor, designated
in substance "as custodial trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act�;
(2) Delivery of a certificated security, or a document necessary for the transfer of an
uncertificated security, together with 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 subdivision (a)(1) of this section;
(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 trust company, an adult other than the transferor, or the transferor
if the beneficiary is other than the transferor, designated in substance: "as custodial
trustee for _______________________________________ (name of beneficiary) under the Rhode Island 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 trust company, an adult other than the transferor,
or the transferor if the beneficiary is other than the transferor, designated substance:
"as custodial trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act�;
(5) Delivery of a written assignment to an adult other than the transferor or to a trust
company whose name in the assignment is designed in substance by the words: "as custodial
trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act�;
(6) Irrevocable exercise of a power of appointment, pursuant to its terms, in favor of
a trust company, an adult other than the donee of the power, or 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 Rhode Island Uniform Custodial Trust Act�;
(7) Delivery of a written notification or assignment of a right to future payment under
a contract to an obligor which transfers the right under the contract to a trust company,
an adult other than the transferor, or 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 Rhode Island Uniform Custodial Trust Act�;
(8) Execution, delivery, and recordation of a conveyance of an interest in real property
in the name of a trust company, an adult other than the transferor, or the transferor
if the beneficiary is other than the transferor, designated in substance: "as custodial
trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act�;
(9) Issuance of a certificate of title by an agency of a state or of the United States
which evidences title to tangible personal property:
(i) Issued in the name of a trust company, an adult other the transferor, or the transferor
if the beneficiary is other than the transferor, designated in substance: "as custodial
trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act�; or
(ii) Delivered to a trust company or 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 Rhode Island Uniform Custodial Trust Act�.
(10) Execution and delivery of an instrument of gift to a trust company or an adult other
than the transferor, designated in substance: "as custodial trustee for _______________________________________ (name of beneficiary) under the Rhode Island Uniform Custodial Trust Act�.