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Indiana Code Title 30. Trusts and Fiduciaries § 30-2-8.5-24

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 24. (a) Custodial property is created and a transfer is made if:

(1) an uncertificated security or a certificated security in registered form is:

(A) registered in the name of:

(i) the transferor;

(ii) an adult other than the transferor;  or

(iii) a trust company;

followed by the words:  “as custodian for __________ (name of minor) under the Indiana 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 a 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 (b);

(2) money is paid or delivered to a broker or financial institution for credit to an account in the name of:

(A) the transferor;

(B) an adult other than the transferor;  or

(C) a trust company;

followed by the words:  “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”;

(3) the ownership of a life or endowment insurance policy or annuity contract is:

(A) registered with the issuer in the name of:

(i) the transferor;

(ii) an adult other than the transferor;  or

(iii) a trust company;

followed by the words:  “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”;  or

(B) assigned in a writing delivered to:

(i) an adult other than the transferor;  or

(ii) a trust company;

whose name in the assignment is followed by the words:  “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”;

(4) an irrevocable exercise of a power of appointment or an irrevocable present right to future payment is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to:

(A) the transferor;

(B) an adult other than the transferor;  or

(C) a trust company;

whose name in the notification is followed by the words:  “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”;

(5) an interest in real property is recorded in the name of:

(A) the transferor;

(B) an adult other than the transferor;  or

(C) a trust company;

followed by the words:  “as custodian for __________ (name of minor) under the Indiana 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:

(A) issued in the name of:

(i) the transferor;

(ii) an adult other than the transferor;  or

(iii) a trust company;

followed by the words:  “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”;  or

(B) delivered and endorsed to:

(i) an adult other than the transferor;  or

(ii) a trust company;

followed by the words:  “as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act”;  or

(7) an interest in property not described in subdivisions (1) through (6) is transferred to:

(A) an adult other than the transferor;  or

(B) a trust company;

by a written instrument in substantially the form set forth in subsection (b).

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

TRANSFER UNDER THE INDIANA 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 Indiana 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 Indiana 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.

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-2-8.5-24 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-2-8-5-24/

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