385.092 Manner of creating custodial property and effecting transfer --
691 words·~3 min read·
/ky/385-092A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Designation of initial custodian -- Control.
(1)Custodial property is created and a transfer is made whenever:
(a)An uncertificated security or a certificated security in registered form is either:
1. 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 Kentucky Uniform Transfers to Minors Act"; or
2. Delivered if in certificated form, or any 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 forth in subsection
(2)of this section;
(b)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 Kentucky
Uniform Transfers to Minors Act";
(c)The ownership of a life or endowment insurance policy or annuity contract is
either:
1. 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 Kentucky Uniform Transfers to Minors Act"; or
2. 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 Kentucky Uniform Transfers to Minors Act";
(d)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 Kentucky Uniform Transfers to Minors Act";
(e)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 Kentucky Uniform Transfers to Minors Act";
(f)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:
1. 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
Kentucky Uniform Transfers to Minors Act"; or
2. 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 Kentucky Uniform Transfers to Minors Act"; or
(g)An interest in any property not described in paragraphs
(a)through
(f)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 forth in
subsection
(2)of this section.
(2)An instrument in the following form satisfies the requirements of paragraphs (a)2.
and
(g)of subsection
(1)of this section:
"TRANSFER UNDER THE KENTUCKY
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 Kentucky 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 Kentucky Uniform Transfers to Minors Act.
Dated: ------------------------------- -------------------------------------------------"
(Signature of Custodian)
(3)A transferor shall place the custodian in control of the custodial property as soon as
practicable.