Maine § 1660. - Manner of creating custodial property and effecting transfer; designation of initial custodian; control
Full text of Maine Maine Revised Statutes § 1660. — Manner of creating custodial property and effecting transfer; designation of initial custodian; control, with citation guidance and answers to common questions.
§ 1660.. Manner of creating custodial property and effecting transfer; designation of initial custodian; control
1. Creation and transfer. Custodial property is created and a transfer is made whenever:
A. An uncertificated security or a certificated security in registered form is either:
(2) Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any 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 2; [PL 1987, c. 734, §2 (NEW).]
B. 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 Maine Uniform Transfers to Minors Act;" [PL 1991, c. 141 (AMD).]
C. The ownership of a life or endowment insurance policy or annuity contract is either:
(2) Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words "as custodian for.................(name of minor) under the Maine Uniform Transfers to Minors Act;" [PL 1987, c. 734, §2 (NEW).]
D. 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 Maine Uniform Transfers to Minors Act;" [PL 1987, c. 734, §2 (NEW).]
E. 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 Maine Uniform Transfers to Minors Act;" [PL 1987, c. 734, §2 (NEW).]
F. A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either:
(2) Delivered to an adult other than the transferor or to a trust company, endorsed to that person, followed in substance by the words "as custodian for.................(name of minor) under the Maine Uniform Transfers to Minors Act;" or [PL 1987, c. 734, §2 (NEW).]
G. An interest in any property not described in paragraphs A to F 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 2. [PL 1987, c. 734, §2 (NEW).]
2. Transfer instrument. An instrument in the following form satisfies the requirements of subsection 1, paragraph A, subparagraph (1); and subsection 1, paragraph G, subparagraph (1):
3. Control of property. A transferor shall place the custodian in control of the custodial property as soon as practicable.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 1660.
What does Maine Revised Statutes § 1660. cover?
Section 1660. ("Manner of creating custodial property and effecting transfer; designation of initial custodian; control") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1660.?
A common citation format is "Maine Revised Statutes § 1660." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1660. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.