§ 34-13-122 — Manner of creating custodial property and effecting transfer; designation of initial custodian; control

Wyoming § 34-13-122

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 13: TRANSFERS TO MINORS

Text

(a) Custodial property is created and a transfer is
effected when:
(i) An uncertificated security or a certificated
security in registered form is either:
(A) Registered in the name of the transferor, an
adult other than the transferor or a trust company, followed in
substance by the words: "as custodian for .... (name of minor)
under the Wyoming Uniform Transfers to Minors Act"; or
(B) Delivered if in certificated form, or any
document necessary for an uncertificated security is delivered,
together with any 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) of this section.
(ii) Money is paid or delivered to a broker or
financial institution for credit to an account in the name of
the transferor, an adult other than the transferor or a trust
company, followed in substance by the words: "as custodian for
.... (name of minor) under the Wyoming Uniform Transfers to
Minors Act";
(iii) The ownership of a life or endowment insurance
policy or annuity contract is either:
(A) Registered with the issuer in the name of
the transferor, an adult other than the transferor or a trust
company, followed in substance by the words: "as custodian for
.... (name of minor) under the Wyoming Uniform Transfers to
Minors Act"; or
(B) Assigned in writing to an adult other than
the transferor or to a trust company whose name in the
assignment is followed in substance by the words: "as custodian
for .... (name of minor) under the Wyoming Uniform Transfers to
Minors Act".
(iv) An irrevocable exercise of a power of
appointment or an irrevocable present right to future payment
under a contract is the subject of a written notification
delivered to the payor, issuer or other obligor that the right
is transferred to the transferor, an adult other than the
transferor or a trust company, whose name in the notification is
followed in substance by the words: "as custodian for .... (name
of minor) under the Wyoming Uniform Transfers to Minors Act";
(v) An interest in real property is recorded in the
name of the transferor, an adult other than the transferor or a
trust company, followed in substance by the words: "as custodian
for .... (name of minor) under the Wyoming Uniform Transfers to
Minors Act";
(vi) A certificate of title issued by a department or
agency of a state or of the United States which evidences title
to tangible personal property is either:
(A) Issued in the name of the transferor, an
adult other than the transferor or a trust company, followed in
substance by the words: "as custodian for .... (name of minor)
under the Wyoming Uniform Transfers to Minors Act"; or
(B) Delivered to an adult other than the
transferor or to a trust company, endorsed to that person
followed in substance by the words: "as custodian for .... (name
of minor) under the Wyoming Uniform Transfers to Minors Act".
(vii) An interest in any property not described in
paragraphs (i) through (vi) of this section is transferred to an
adult other than the transferor or to a trust company by a
written instrument in substantially the form set forth in
subsection (b) of this section.
(b) An instrument in the following form satisfies the
requirements of subparagraph (a)(i)(B) and paragraph (a)(vii) of
this section:
"TRANSFER UNDER THE WYOMING
UNIFORM TRANSFERS TO MINORS ACT
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
Wyoming Uniform Transfers to Minors Act, the following: (insert
a description of the custodial property sufficient to identify
it).
Dated: ....
....
(Signature)
.... (name of custodian) acknowledges receipt of the property
described above as custodian for the minor named above under the
Wyoming 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.