§ 33B-4. Form and effect of receipt and acceptance by custodial trustee; jurisdiction. - North Carolina Statutes

§33B‑4.  Form and effect of receipt and acceptance by custodial trustee;jurisdiction.

(a)        Obligations of acustodial trustee, including the obligation to follow directions of thebeneficiary, arise under this act upon the custodial trustee's acceptance, expressor implied, of the custodial trust property.

(b)        The custodialtrustee's acceptance may be evidenced by a writing stating in substance:

                "CUSTODIAL TRUSTEE'S RECEIPT ANDACCEPTANCE

I, __________, (name ofcustodial trustee) acknowledge receipt of the custodial trust propertydescribed below or in the attached instrument and accept the custodial trust ascustodial trustee for ___________ (name of beneficiary) under the NorthCarolina Uniform Custodial Trust Act.  I undertake to administer and distributethe custodial trust property pursuant to the North Carolina Uniform CustodialTrust Act.  My obligations as custodial trustee are subject to the directionsof the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of ____________

Dated: ________________

____________________

(Signature of CustodialTrustee)".

(c)        Upon acceptingcustodial trust property, a person designated as custodial trustee under thisact is subject to personal jurisdiction in this State with respect to anymatter relating to the custodial trust. (1995, c. 486, s. 1.)