Rhode Island General Laws Title 18. Fiduciaries § 18-7-10. Manner of creating custodial property and effecting transfer--Designation of initial custodian--Control

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

(2) Money is paid or delivered, or a security held in the name of a broker, financial institution, or its nominee is transferred, 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 Rhode Island Uniform Transfers to Minors Act, chapter 7 of title 18”;

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

(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 Rhode Island Uniform Transfers to Minors Act, chapter 7 of title 18”;

(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 Rhode Island Uniform Transfers to Minors Act, chapter 7 of title 18”;

(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:

(7) An interest in any property not described in subdivisions (1) through (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 forth in subsection (b) of this section.