§ 18-13-18 - Methods and forms for creating custodial trusts. - Rhode Island Statutes

SECTION 18-13-18

   § 18-13-18  Methods and forms for creatingcustodial trusts. – (a) If a transaction, including a declaration with respect to or a transfer ofspecific property, otherwise satisfies applicable law, the criteria of §18-13-2 are satisfied by:

   (1) The execution and either delivery to the custodialtrustee or recording of an instrument in substantially the following form:

   TRANSFER UNDER THE RHODE ISLAND UNIFORM CUSTODIAL TRUSTACT

   I, ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]] (name oftransferor or name and representative capacity if a fiduciary), transfer to]]]]]]]]]]]]]]]]]]]]]]]]]]]] (name of trustee other than transferor), ascustodial trustee for ]]]]]]]]]]]]]]]]]]]]]]]]]]]] (name of beneficiary) asbeneficiary and ]]]]]]]]]]]]]]]]]]]]]]]]]]]] as distributee on termination ofthe trust in absence of direction by the beneficiary under the Rhode IslandUniform Custodial Trust Act, the following:

   (insert a description of the custodial trust property legallysufficient to identify and transfer each item of property.)

   Dated: ]]]]]]]]]]]]]]

   ]]]]]]]]]]]]]]]]]]]]]]]]]]]]

   (Signature)

   or

   (2) The execution and the recording or giving notice of itsexecution to the beneficiary of an instrument in substantially the followingform:

   DECLARATION OF TRUST UNDER THE RHODE ISLAND UNIFORMCUSTODIAL TRUST ACT

   I, ]]]]]]]]]]]]]]]]]]]]]]]]]]]] (name of owner of property),declare that henceforth I hold as custodial trustee for ]]]]]]]]]]]]]] (name ofbeneficiary other than transferor) as beneficiary and ]]]]]]]]]]]]]] asdistributee on termination of the trust in absence of direction by thebeneficiary under the Rhode Island Uniform Custodial Trust Act, the following:(Insert a description of the custodial trust property legally sufficient toidentify and transfer each item of property.)

   Dated: ]]]]]]]]]]]]]]

   ]]]]]]]]]]]]]]]]]]]]]]]]]]]]

   (Signature)

   (b) Customary methods of transferring or evidencing ownershipof property may be used to create a custodial trust, including any of thefollowing:

   (1) Registration of a security in the name of a trustcompany, an adult other than the transferor, or the transferor if thebeneficiary is other than the transferor, designated in substance "as custodialtrustee for ]]]]]]]]]]]]]] (name of beneficiary) under the Rhode Island UniformCustodial Trust Act";

   (2) Delivery of a certificated security, or a documentnecessary for the transfer of an uncertificated security, together with anynecessary endorsement, to an adult other than the transferor or to a trustcompany as custodial trustee, accompanied by an instrument in substantially theform prescribed in subdivision (a)(1) of this section;

   (3) Payment of money or transfer of a security held in thename of a broker or a financial institution or its nominee to a broker orfinancial institution for credit to an account in the name of a trust company,an adult other than the transferor, or the transferor if the beneficiary isother than the transferor, designated in substance: "as custodial trustee for]]]]]]]]]]]]]]]]]]]]]]]] (name of beneficiary) under the Rhode Island UniformCustodial Trust Act";

   (4) Registration of ownership of a life or endowmentinsurance policy or annuity contract with the issuer in the name of a trustcompany, an adult other than the transferor, or the transferor if thebeneficiary is other than the transferor, designated substance: "as custodialtrustee for ]]]]]]]]]]]]]]]]]]]]]]]] (name of beneficiary) under the RhodeIsland Uniform Custodial Trust Act";

   (5) Delivery of a written assignment to an adult other thanthe transferor or to a trust company whose name in the assignment is designedin substance by the words: "as custodial trustee for ]]]]]]]]]]]]]]]]]]]]]]]](name of beneficiary) under the Rhode Island Uniform Custodial Trust Act";

   (6) Irrevocable exercise of a power of appointment, pursuantto its terms, in favor of a trust company, an adult other than the donee of thepower, or the donee who holds the power if the beneficiary is other than thedonee, whose name in the appointment is designated in substance: "as custodialtrustee for ]]]]]]]]]]]]]]]]]]]]]]]] (name of beneficiary) under the RhodeIsland Uniform Custodial Trust Act";

   (7) Delivery of a written notification or assignment of aright to future payment under a contract to an obligor which transfers theright under the contract to a trust company, an adult other than thetransferor, or the transferor if the beneficiary is other than the transferor,whose name in the notification or assignment is designated in substance: "ascustodial trustee for ]]]]]]]]]]]]]]]]]]]]]]]] (name of beneficiary) under theRhode Island Uniform Custodial Trust Act";

   (8) Execution, delivery, and recordation of a conveyance ofan interest in real property in the name of a trust company, an adult otherthan the transferor, or the transferor if the beneficiary is other than thetransferor, designated in substance: "as custodial trustee for]]]]]]]]]]]]]]]]]]]]]]]] (name of beneficiary) under the Rhode Island UniformCustodial Trust Act";

   (9) Issuance of a certificate of title by an agency of astate or of the United States which evidences title to tangible personalproperty:

   (i) Issued in the name of a trust company, an adult other thetransferor, or the transferor if the beneficiary is other than the transferor,designated in substance: "as custodial trustee for ]]]]]]]]]]]]]]]]]]]]]]]](name of beneficiary) under the Rhode Island Uniform Custodial Trust Act"; or

   (ii) Delivered to a trust company or an adult other than thetransferor or endorsed by the transferor to that person, designated insubstance: "as custodial trustee for ]]]]]]]]]]]]]]]]]]]]]]]] (name ofbeneficiary) under the Rhode Island Uniform Custodial Trust Act".

   (10) Execution and delivery of an instrument of gift to atrust company or an adult other than the transferor, designated in substance:"as custodial trustee for ]]]]]]]]]]]]]]]]]]]]]]]] (name of beneficiary) underthe Rhode Island Uniform Custodial Trust Act".