§ 18-7-10 - Manner of creating custodial property and effecting transfer – Designation of initial custodian – Control.
SECTION 18-7-10
§ 18-7-10 Manner of creating custodialproperty and effecting transfer – Designation of initial custodian –Control. – (a) Custodial property is created and a transfer is made whenever:
(1) An uncertificated security or a certificated security inregistered form is either:
(i) Registered in the name of the transferor, an adult otherthan the transferor, or a trust company, followed in substance by the words:"as custodian for ]]]]]]]]]]]]]]]] (name of minor) under the Rhode IslandUniform Transfers to Minors Act, chapter 7 of title 18"; or
(ii) Delivered if in certificated form, or any documentnecessary for the transfer of an uncertificated security is delivered, togetherwith any necessary endorsement, to an adult other than the transferor or to atrust company as custodian, accompanied by an instrument in substantially theform set forth in subsection (b) of this section;
(2) Money is paid or delivered, or a security held in thename of a broker, financial institution, or its nominee is transferred, to abroker or financial institution for credit to an account in the name of thetransferor, an adult other than the transferor, or a trust company, followed insubstance by the words: "as custodian for ]]]]]]]]]]]]]]]]]]]]]]]] (name ofminor) under the Rhode Island Uniform Transfers to Minors Act, chapter 7 oftitle 18";
(3) The ownership of a life or endowment insurance policy orannuity contract is either:
(i) Registered with the issuer in the name of the transferor,an adult other than the transferor, or a trust company, followed in substanceby the words: "as custodian for ]]]]]]]]]]]]]]]]]]]]]]]] (name of minor) underthe Rhode Island Uniform Transfers to Minors Act, chapter 7 of title 18"; or
(ii) Assigned in a writing delivered to an adult other thanthe transferor or to a trust company, whose name in the assignment is followedin substance by the words: "as custodian for ]]]]]]]]]]]]]]]]]]]]]]]] (name ofminor) under the Rhode Island Uniform Transfers to Minors Act, chapter 7 oftitle 18";
(4) An irrevocable exercise of a power of appointment or anirrevocable present right to future payment under a contract is the subject ofa written notification delivered to the payor, issuer, or other obligor thatthe 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 bythe words: "as custodian for ]]]]]]]]]]]]]]]]]]]]]]]] (name of minor) under theRhode Island Uniform Transfers to Minors Act, chapter 7 of title 18";
(5) An interest in real property is recorded in the name ofthe 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 Rhode Island Uniform Transfers to Minors Act, chapter7 of title 18";
(6) A certificate of title issued by a department or agencyof a state or of the United States that evidences title to tangible personalproperty is either:
(i) Issued in the name of the transferor, an adult other thanthe transferor, or a trust company, followed in substance by the words: "ascustodian for ]]]]]]]]]]]]]]]]]]]]]]]] (name of minor) under the Rhode IslandUniform Transfers to Minors Act, chapter 7 of title 18"; or
(ii) Delivered to an adult other than the transferor or to atrust company, endorsed to that person followed in substance by the words: "ascustodian for ]]]]]]]]]]]]]]]]]]]]]]]] (name of minor) under the Rhode IslandUniform Transfers to Minors Act, chapter 7 of title 18"; or
(7) An interest in any property not described in subdivisions(1) through (6) of this subsection is transferred to an adult other than thetransferor or to a trust company by a written instrument in substantially theform set forth in subsection (b) of this section.
(b) An instrument in the following form satisfies therequirements of subdivisions (a)(1)(ii) and (a)(7) of this section:
TRANSFER UNDER THE RHODE ISLAND UNIFORM TRANSFERS TOMINORS ACT
I, ]]]]]]]] (name of transferor or name of representativecapacity if a fiduciary), hereby transfer to ]]]]]]]]]]]]] (name of custodian),as custodian for ]]]]]]]] (name of minor) under the Rhode Island UniformTransfers to Minors Act, chapter 7 of title 18, 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 minornamed above under the Rhode Island Uniform Transfers to Minors Act.
Dated: ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]
]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]
(Signature ofCustodian)
(c) A transferor shall place the custodian in control of thecustodial property as soon as practicable.