Vermont § 3219 - Manner of creating custodial property and effecting transfer; designation of initial custodian; control

§ 3219. Manner of creating custodial property and effecting transfer; designation of initial custodian; control

• (a) Custodial property is created and a transfer is made whenever: (1) An uncertificated security or a certificated security in registered form is either: (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 Vermont 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. (2) Money is paid or delivered 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 Vermont Uniform Transfers to Minors Act.” (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 Vermont 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 Vermont Uniform Transfers to Minors Act.” (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 Vermont Uniform Transfers to Minors Act.” (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 Vermont Uniform Transfers to Minors Act.” (6) A certificate of title issued by a department or agency of a state or of the United
  States that 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 Vermont Uniform Transfers to Minors Act.” (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 Vermont Uniform Transfers to Minors Act.” (7) An interest in any property not described in subdivisions (1) through (6) of this
  subsection 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 subdivisions (a)(1)(B)
  and (a)(7) of this section: “TRANSFER UNDER THE VERMONT 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 Vermont 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 Vermont Uniform Transfers to Minors Act. Dated: ______ __________ (Signature of Custodian)” (c) A transferor shall place the custodian in control of the custodial property as soon
  as practicable. (Added 2015, No. 7, § 1.)