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

   (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.

Authorities

13.46.010;13.46.020;13.46.030;13.46.040;13.46.050;13.46.060;13.46.100;13.46.170;13.46.190;13.46.195;13.46.197;13.46.990

Notes

References

AS 13.46.010 Scope and jurisdiction.
AS 13.46.020 Nomination of custodian.
AS 13.46.030 Transfer by gift or exercise of power of appointment.
AS 13.46.040 Transfer authorized by will or trust.
AS 13.46.050 Other transfer by fiduciary.
AS 13.46.060 Transfer by obligor.
AS 13.46.100 Validity and effect of transfer.
AS 13.46.170 Renunciation, resignation, death, or removal of custodian; designation of successor custodian.
AS 13.46.190 Termination of custodianship.
AS 13.46.195 Changing the time for transfer of custodial property.
AS 13.46.197 Extension of custodial term by custodian.
AS 13.46.990 Definitions.

History

(Sec. 2 ch 11 SLA 1990)