Oklahoma § 58-1210 - Creation of custodial property - Transfers

§ 58-1210. Creation of custodial property - Transfers

A. Custodial property is created and a transfer is made

whenever:

1. An uncertificated security or a certificated security in

registered form is either:

Oklahoma Statutes - Title 58. Probate Procedure

a.

registered 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 Oklahoma

Uniform Transfers to Minors Act"; or

b.

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 B of this section; or

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 Oklahoma Uniform

Transfers to Minors Act". Money paid or delivered to a financial

institution as prescribed in this paragraph also may be deposited

using the terms "Payable on Death" or "P.O.D.", in which case, such

deposits shall be payable on the designated minor's death to a trust

designated in the deposit account agreement as the "P.O.D."

beneficiary, or to an individual named beneficiary if living and if

not living, to the named beneficiary's estate, notwithstanding any

provision to the contrary contained in Sections 41 through 57 of

Title 84 of the Oklahoma Statutes. A security held or transferred

as prescribed in this paragraph also may be subject to a beneficiary

designation pursuant to the Oklahoma Uniform TOD Security

Registration Act, in which case, the security shall be transferable

on the designated minor's death to a named beneficiary, if living

and if not living, to the named beneficiary's estate,

notwithstanding any provision to the contrary contained in Sections

41 through 57 of Title 84 of the Oklahoma Statutes; or

3. The ownership of a life or endowment insurance policy or

annuity contract is either:

a.

registered with the issuer 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 Oklahoma Uniform Transfers to Minors Act"; or

b.

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 Oklahoma Uniform Transfers to Minors Act"; or

Oklahoma Statutes - Title 58. Probate Procedure

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 Oklahoma

Uniform Transfers to Minors Act"; or

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 Oklahoma Uniform

Transfers to Minors Act"; or

6. 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:

a.

issued 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 Oklahoma

Uniform Transfers to Minors Act"; or

b.

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 Oklahoma

Uniform Transfers to Minors Act"; or

7. An interest in any property not described in paragraphs 1,

2, 3, 4, 5 and 6 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.

B. An instrument in the following form satisfies the

requirements of subparagraph b of paragraph 1 and paragraph 7 of

subsection A of this section:

"TRANSFER UNDER THE OKLAHOMA 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 Oklahoma 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 Oklahoma Uniform Transfers to Minors Act.

Dated: ___________________

Oklahoma Statutes - Title 58. Probate Procedure

_________________________________________"

(Signature of Custodian)

C. A transferor shall place the custodian in control of the

custodial property as soon as practicable.

Added by Laws 1986, c. 261, § 10, eff. Nov. 1, 1986. Amended by

Laws 1993, c. 158, § 3, eff. Sept. 1, 1993; Laws 1994, c. 313, § 7,

eff. Sept. 1, 1994.