Oklahoma § 58-1221 - Minor's death or attainment of majority

§ 58-1221. Minor's death or attainment of majority

A. The custodian shall transfer in an appropriate manner the

custodial property to the minor, the minor's estate, or the minor's

beneficiary as prescribed in paragraph 2 of subsection A of Section

1210 of this title upon the earlier of:

1. The minor's attainment of eighteen (18) years of age with

respect to custodial property transferred pursuant to the provisions

of Section 1205 or 1206 of this title, unless the transfer is

delayed pursuant to subsection B of this section; or

2. The minor's attainment of majority pursuant to the laws of

this state with respect to custodial property transferred pursuant

to the provisions of Section 1207 or 1208 of this title; or

3. The minor's death.

B. A transfer required by paragraph 1 of subsection A of this

section may be delayed until a specified time after the minor

attains eighteen (18) years of age but not later than when the minor

attains twenty-one (21) years of age. The time for a transfer

Oklahoma Statutes - Title 58. Probate Procedure

pursuant to this subsection must be specified at the time of the

transfer whether made under Section 1210 of this title or by will or

trust and shall be in substantially the following words: "The

custodian shall transfer this property to _______ (name of minor)

[on (specified date)] [when (he or she) reaches the age of ______

(age, after eighteen (18) years and at or before twenty-one (21)

years)]."

C. To the extent the custodial property consists of deposit

accounts held at a financial institution, if the minor reaches the

age for release and the custodian does not make a timely transfer of

the property to the minor, the minor may make a request for the

account-holding financial institution to intervene. The request

from the minor shall be signed, dated and in writing, and shall

state that the minor has reached the age for release and the

custodian has refused to distribute the remaining funds to the minor

after being asked to do so by the minor after the minor was entitled

to them. Upon receiving the minor's request, the financial

institution may send a written demand to the custodian to transfer

to the minor the funds in any Oklahoma Uniform Transfers to Minors

Act deposit account. If the custodian does not make the

distribution within thirty (30) days from the date of the financial

institution's demand, the financial institution shall have the

authority to close the account and pay out the funds directly to the

minor without any liability or recourse from any parties.

Added by Laws 1986, c. 261, § 21, eff. Nov. 1, 1986. Amended by

Laws 1993, c. 158, § 4, eff. Sept. 1, 1993; Laws 2015, c. 38, § 1,

eff. Nov. 1, 2015.