Sec. 13.46.080. Manner of creating custodial property and effecting transfer; designation of initial custodian; control.

691 words·~3 min read·/ak/title-13/chapter-46/13-46-080

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Custodial property is created and a transfer is made when

(1)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 Alaska 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 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 out in

(b)of this section;

(2)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 Alaska Uniform Transfers to Minors Act”;

(3)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 Alaska Uniform Transfers to Minors Act”; or

(B)assigned in a writing delivered 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 Alaska Uniform Transfers to Minors Act”;

(4)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 Alaska Uniform Transfers to Minors Act”;

(5)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 Alaska 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 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 Alaska 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 Alaska Uniform Transfers to Minors Act”; or

(7)an interest in property not described in

(1)—

(6)of this subsection is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set out in

(b)of this section.

(b)An instrument in the following form satisfies the requirements of (a)(1)(B) and (a)(7) of this section:

“TRANSFER UNDER THE ALASKA 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 Alaska Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).

Dated: _____________________________________

(Signature)

_____________________________________ (name of custodian) has received the property described above as custodian for the minor named above under the Alaska 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.