Oklahoma § 58-1213 - Powers and duties of custodians

§ 58-1213. Powers and duties of custodians

A. A custodian shall:

1. take control of custodial property;

2. register or record title to custodial property if

appropriate; and

3. collect, hold, manage, invest, and reinvest custodial

property.

B. In dealing with custodial property, a custodian shall

observe the standard of care that would be observed by a prudent

person dealing with property of another and is not limited by any

other statute restricting investments by fiduciaries. If a

custodian has a special skill or expertise or is named custodian on

the basis of representations of a special skill or expertise, the

custodian shall use that skill or expertise. However, a custodian,

in the custodian's discretion and without liability to the minor or

the minor's estate, may retain any custodial property received from

a transferor.

C. A custodian may invest in or pay premiums on life insurance

or endowment policies on:

1. the life of the minor only if the minor or the minor's

estate is the sole beneficiary, or

2. the life of another person in whom the minor has an

insurable interest only to the extent that the minor, the minor's

estate, or the custodian in the capacity of custodian, is the

irrevocable beneficiary.

D. A custodian at all times shall keep custodial property

separate and distinct from all other property in a manner sufficient

to identify it clearly as custodial property of the minor. Custodial

property consisting of an undivided interest is so identified if the

minor's interest is held as a tenant in common and is fixed.

Custodial property subject to recordation is so identified if it is

recorded, and custodial property subject to registration is so

identified if it is either registered, or held in an account

designated, in the name of the custodian, following in substance by

the words: "as a custodian for __________________ (name of minor)

under the Oklahoma Uniform Transfers to Minors Act."

E. A custodian shall keep records of all transactions with

respect to custodial property, including information necessary for

the preparation of the minor's tax returns, and shall make them

available for inspection at reasonable intervals by a parent or

legal representative of the minor or by the minor if the minor has

attained the age of fourteen (14) years.

Added by Laws 1986, c. 261, § 13, eff. Nov. 1, 1986.