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

MISSOURI STATUTES AND CODES

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

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

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

(1) If the subject of the custodianship is property for which aconveyance is filed with a recorder of deeds, property for which a certificateof ownership or similar title instrument is issued by an agency of any stateor of the United States, property which is maintained in registered name,property which is evidenced by a written instrument or property which isdeposited in an account with a broker or financial institution, by executing adeed, assignment, endorsement or other appropriate writing placing theproperty in the name of the designated personal custodian followed insubstance by the words: "as personal custodian for ................... (nameof beneficiary) under the Missouri Personal Custodian Law";

(2) If the subject of the custodianship is money or an unregisteredsecurity, by having it paid or delivered to a broker or financial institutionfor the account of the person designated personal custodian followed insubstance by the words: "as personal custodian for ................... (nameof beneficiary) under the Missouri Personal Custodian Law";

(3) If the subject of the custodianship is a transfer of property by theirrevocable exercise of a power of appointment or a transfer of an irrevocablepresent right to future payment, by giving written notice to the holder of theproperty or payment obligor that the property or right is transferred to theperson designated personal custodian followed in substance by the words: "aspersonal custodian for ................... (name of beneficiary) under theMissouri Personal Custodian Law";

(4) If the subject of the custodianship is to be a future transfer ofproperty under a will, trust, deed, power of appointment, benefit plan, lifeor endowment insurance policy, annuity or other contract, or a pay or transferon death direction, by making the gift or beneficiary designation in the nameof the designated personal custodian followed in substance by the words: "aspersonal custodian for ...................... (name of beneficiary) under theMissouri Personal Custodian Law", or by naming the beneficiary of the gift andproviding for alternate distribution of the property to a personal custodianfor the beneficiary under sections 404.400 to 404.650 in the event thebeneficiary is incapacitated at the time the property becomes transferable;

(5) If the subject of the custodianship is property not described insubdivision (1), (2), (3) or (4) of this subsection, by causing the propertyto be placed in the name of the designated personal custodian by a writteninstrument in substantially the form set forth as follows:

TRANSFER UNDER THE MISSOURI PERSONAL CUSTODIAN LAW

I, ................. (name of beneficiary, donor or transferor andrepresentative capacity, if any) hereby assign and deliver to ...............(name of personal custodian), as personal custodian for ....................(myself or name of beneficiary) under the Missouri Personal Custodian Law, thefollowing:

(insert a description of the custodial property sufficient to identifyit). Dated: ......................

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

Signature

............................. (name of personal custodian) acknowledgesreceipt of the property described above as personal custodian for thebeneficiary named above under the Missouri Personal Custodian Law. Dated:.......................

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

Signature of Personal Custodian

(6) Property is transferred to a personal custodian for the use andbenefit of two or more persons by placing the property in the name of thedesignated personal custodian and stating the names of the multiplebeneficiaries in substance as follows: ".......... (name of personalcustodian) as personal custodian for .......... and ......... (names ofbeneficiaries), under the Missouri Personal Custodian Law." The style inwhich the property is placed may include the interests and estates of thecustodial beneficiaries in the custodial property as among themselves.

2. A present transfer of property to a beneficiary is complete andcustodial property is created when the personal custodian for the beneficiaryis designated in the manner provided in subdivisions (1), (2), (3), (5) and(6) of subsection 1 of this section. A future transfer of property to abeneficiary is complete and custodial property is created when the propertybecomes transferable under the governing instrument to a personal custodianfor a beneficiary designated in the manner provided in subdivision (4) ofsubsection 1 of this section.

3. In addition to the writing required by subsection 1 of this section,the transferor, as soon as practicable, shall do all things to put theproperty in the possession and control of the personal custodian and providethe personal custodian with such evidence of ownership as is customary for theproperty involved; but the transfer of property to the beneficiary is notaffected by a failure to comply with this subsection, the designation of aperson not qualified to be named personal custodian for the beneficiary, orthe death, incapacity, resignation or renunciation of the person designatedpersonal custodian.

4. A written acknowledgment of delivery of the property by the personalcustodian constitutes a sufficient release and discharge for custodialproperty transferred to the personal custodian under sections 404.400 to404.650.