404.047. Transfer of property to custodian, procedure, forms--receipt for delivery of property deemed a release. - Missouri Statutes

Transfer of property to custodian, procedure, forms--receipt fordelivery of property deemed a release.

404.047. 1. The designation of a custodian and transfer ofproperty to the custodian shall be made in the following manner:

(1) If the subject of the custodianship is property forwhich a conveyance is filed with a recorder of deeds, propertyfor which a certificate of ownership or similar title instrumentis issued by an agency of any state or of the United States,property which is maintained in registered name, property whichis evidenced by a written instrument, or property which isdeposited in an account with a broker or financial institution,by executing a deed, assignment, endorsement or otherappropriate writing placing the property in the name of thedesignated custodian followed in substance by the words: "ascustodian for .............. (name of minor) under the MissouriTransfers to Minors Law";

(2) If the subject of the custodianship is money or anunregistered security, by having it paid or delivered to abroker or financial institution for the account of the persondesignated custodian followed in substance by the words: "ascustodian for .............. (name of minor) under the MissouriTransfers to Minors Law";

(3) If the subject of the custodianship is a transfer ofproperty by the irrevocable exercise of a power of appointmentor a transfer of an irrevocable present right to a futurepayment, by giving written notice to the holder of the propertyor payment obligor that the property or right is transferred tothe person designated custodian followed in substance by thewords: "as custodian for .............. (name of minor) underthe Missouri Transfers to Minors Law";

(4) If the subject of the custodianship is to be a futuretransfer of property under a will, trust, deed, power ofappointment, benefit plan, life or endowment insurance policy,annuity or other contract, or a pay or transfer on deathdirection, by making the gift or beneficiary designation in thename of the designated custodian followed in substance by thewords: "as custodian for .............. (name of minor) underthe Missouri Transfers to Minors Law", or by naming the minor asbeneficiary of the gift and providing for alternate distributionof the property to a custodian for the minor under sections404.005 to 404.094 in the event the beneficiary is a minor atthe time the property becomes transferable;

(5) If the subject of the custodianship is property notdescribed in subdivision (1), (2), (3) or (4) of thissubsection, by causing the property to be placed in the name ofthe designated custodian by a written instrument insubstantially the form set forth as follows:

TRANSFER UNDER THE MISSOURI

TRANSFERS TO MINORS LAW

I, .............., (name of donor or transferor andrepresentative capacity, if any) hereby assign and deliver to.............. (name of custodian), as custodian for.............. (name of minor) under the Missouri Transfers toMinors Law, the following:

(insert a description of the custodial property

sufficient to identify it).Dated: ..............

.........................

Signature

.............. (name of custodian) acknowledges receipt ofthe property described above as custodian for the minor namedabove under the Missouri Transfers to Minors Law.Dated: ..............

.........................

Signature of Custodian

2. A present transfer of property to a minor is completeand custodial property is created when the custodian for theminor is designated in the manner provided in subdivisions (1),(2), (3) and (5) of subsection 1 of this section. A futuretransfer of property to a minor is complete and custodialproperty is created when the property becomes transferable underthe governing instrument to a custodian for a minor designatedin the manner provided in subdivision (4) of subsection 1 ofthis section.

3. In addition to the writing required by subsection 1 ofthis section, the transferor as soon as practicable shall do allthings to put the property in the possession and control of thecustodian and provide the custodian with such evidence ofownership as is customary for the property involved, but thetransfer of property to the minor is not affected by a failureto comply with this subsection, the designation of a person notqualified to be named custodian for the minor, or the death,incapacity, resignation or renunciation of the person designatedcustodian.

4. A written acknowledgment of delivery of the property bythe custodian constitutes a sufficient release and discharge forcustodial property transferred to the custodian under sections404.005 to 404.094.

(L. 1985 S.B. 35, et al. § 4)