Section 13.60.170. Methods and forms for creating custodial trusts.

   (a) If a transaction, including a declaration with respect to specific property or a transfer of specific property, otherwise satisfies applicable law, the criteria of AS 13.60.010 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 ALASKA 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 Alaska 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 ALASKA UNIFORM 
CUSTODIAL TRUST ACT                                                    
    I, __________________ (name of owner of property), declare that from this date 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 Alaska 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) Either form identified under (a) of this section may be    
modified by the transferor of the property to include, for example, the
designation of an alternate or successor trustee or the recipient of
 the custodial property upon termination of the trust.                 
  (c) Customary methods of transferring or evidencing ownership
 of property may be used to create a custodial trust, including 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 Alaska 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 set out in (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 Alaska 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 in substance 'as  
custodial trustee for __________________ (name of beneficiary) under the Alaska 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       
designated in substance by the words 'as custodial trustee for _____________________ (name  of beneficiary) under the Alaska Uniform Custodial Trust Act';        
   (6) irrevocable exercise of a power of appointment, under 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  
Alaska Uniform Custodial Trust Act';                                   
   (7) delivery of a written notification or assignment of a right to  
future payment under a contract to an obligor that 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
Alaska 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 Alaska Uniform Custodial 
Trust Act';                                                            
   (9) issuance of a certificate of title by an agency of a state or of
the United States that evidences title to tangible personal property   
    (A) issued 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 Alaska Uniform Custodial Trust Act'; or         
    (B) 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   
Alaska Uniform Custodial Trust Act'; or                                
   (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 Alaska      
Uniform Custodial Trust Act.'                                   

Notes

History

(Sec. 1 ch 10 SLA 1994)