Guam § 12102 - Manner of Making Gift.

§ 12102. Manner of Making Gift.

(a) An adult person may, during his lifetime, make a gift of a security, a

life insurance policy or annuity contract or money to a person who is a

minor on the date of the gift:

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(1) If the subject of the gift is a security in registered form, by

registering it in the name of the donor, an adult member of the minor=s

family, a guardian of the minor or a trust company, followed, in

substance, by the words: as custodian for ____[name of minor]____

under the Guam Uniform Gift to Minors Act;

(2) If the subject of the gift is a security not in registered form, by

delivering it to an adult member, other than the donor, of the minor=s

family, a guardian of the minor or a trust company, accompanied by

statement in the following form, in substance, signed by the donor and

the person designated as custodian:

GIFT UNDER THE GUAM UNIFORM

GIFTS TO MINORS ACT

I, ____[name of donor]____, hereby deliver to ____[name of

custodian]____ as custodian for ____[name of minor]____

under the Guam Uniform Gift to Minors Act, the following

security[ies]:

____________________________

[Signature of Donor]

____[name of custodian]____ hereby acknowledges receipt

of the above described security[ies] as custodian for the

above minor under the Guam Uniform Gift to Minors Act.

Dated:__________

_________________________

(Signature of custodian)

(3) If the subject of the gift is money, by paying or delivering

it to a broker or a financial institution for credit to an account in

the name of the donor, am adult member of the minor=s family, a

guardian of the minor, or a trust company, followed, in substance,

by the words as custodian for ___[name of minor]____ under the

Guam Uniform Gifts to Minors Act.

(4) If the subject of the gift is a life insurance policy or annuity

contract, by causing the ownership of the policy or contract to be

registered with the issuing insurance company in the name of the

donor, an adult member of the minor=s family, a guardian of the minor

or a trust company, followed, in substance, by the words: as custodian

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for ____[name of minor]____ under the Guam Uniform Gifts to

Minors Act.

(b) Any gift made in a manner prescribed in subsection (a) may be

made to only one minor and only one person may be the custodian.

(c) A donor who makes a gift to a minor in a manner prescribed in

subsection (a) shall promptly do all things within his power to put the

subject of the gift in the possession and control of the custodian, but neither

the donor=s failure to comply with this subsection, nor his designation of an

ineligible person as custodian, nor renunciation by the person designated as

custodian affects the consummation of the gift.