§ 33A-9. Manner of creating custodial property and effecting transfer; designation of initial custodian; control. - North Carolina Statutes

§33A‑9.  Manner of creating custodial property and effecting transfer;designation of initial custodian; control.

(a)        Custodial propertyis created and a transfer is made whenever:

(1)        An uncertificatedsecurity or a certificated security in registered form is either:

a.         Registered in thename of the transferor, an adult other than the transferor, or a trust company,followed in substance by the words: "as custodian for ________ (name ofminor) under the North Carolina Uniform Transfers to Minors Act"; or

b.         Delivered if incertificated form, or any document necessary for the transfer of anuncertificated security is delivered, together with any necessary endorsementto 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);

(2)        Money is paid ordelivered, or a security held in the name of a broker, financial institution,or its nominee is transferred, to a broker or financial institution for creditto an account in the name of the transferor, an adult other than thetransferor, or a trust company, followed in substance by the words: "ascustodian for __________________ (name of minor) under the North CarolinaUniform Transfers to Minors Act";

(3)        The ownership of alife or endowment insurance policy or annuity contract is either:

a.         Registered with theissuer in the name of the transferor, an adult other than the transferor, or atrust company, followed in substance by the words: "as custodian for__________ (name of minor) under the North Carolina Uniform Transfers to MinorsAct"; or

b.         Assigned in awriting delivered to an adult other than the transferor or to a trust companywhose name in the assignment is followed in substance by the words:  "ascustodian for __________ (name of minor) under the North Carolina UniformTransfers to Minors Act";

(4)        An irrevocableexercise of a power of appointment or an irrevocable present right to futurepayment under a contract is the subject of a written notification delivered tothe payor, issuer, or other obligor that the right is transferred to thetransferor, an adult other than the transferor, or a trust company, whose namein the notification is followed in substance by the words:  "as custodianfor __________ (name of minor) under the North Carolina Uniform Transfers toMinors Act";

(5)        An interest in realproperty is conveyed or devised to the transferor, an adult other than thetransferor, or a trust company, whose name in the conveyance is followed insubstance by the words:  "as custodian for __________ (name of minor)under the North Carolina Uniform Transfers to Minors Act";

(6)        A certificate oftitle issued by a department or agency of a state or of the United States whichevidences title to tangible personal property is either:

a.         Issued in the nameof the transferor, an adult other than the transferor, or a trust company,followed in substance by the words:  "as custodian for __________ (name ofminor) under the North Carolina Uniform Transfers to Minors Act"; or

b.         Delivered to anadult other than the transferor or to a trust company, endorsed to that personfollowed in substance by the words:  "as custodian for __________ (name ofminor) under the North Carolina Uniform Transfers to Minors Act"; or

(7)        An interest in anyproperty not described in paragraphs (1) through (6) is transferred to an adultother than the transferor or to a trust company by a written instrument insubstantially the form set forth in subsection (b).

(b)        An instrument inthe following form satisfies the requirements of paragraphs (1)b. and (7) ofsubsection (a):

TRANSFER UNDER THE NORTH CAROLINA

UNIFORM TRANSFERS TO MINORS ACT

I, __________ (name oftransferor or name and representative capacity if a fiduciary) hereby transferto __________ (name of custodian), as custodian for __________ (name of minor)under the North Carolina Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).

Dated:  ____________________

_____________________________

(Signature)

____________________ (name ofcustodian) acknowledges receipt of the property described above as custodianfor the minor named above under the North Carolina Uniform Transfers to MinorsAct.

Dated:  ____________________

__________________________________

(Signatureof Custodian)

(c)        A transferor shallplace the custodian in control of the custodial property as soon aspracticable. (1987, c. 563, s. 2; 1997‑456, s. 27.)