§ 3202 - Manner of making gift - Vermont Statutes

§ 3202. Manner of making gift

(a) An adult person may, during his lifetime, make a gift of a security or money to a person who is a minor on the date of the gift:

(1) If the subject of the gift is a security in registered form, by registering it in the name of the donor, another adult person, an adult member of the minor's family, a guardian of the minor, or a trust company, followed, in substance, by the words: "as custodian for ............ .......................................................................................................................................................

(name of minor)

under the Vermont Gifts to Minors Act."

(2) if the subject of the gift is a security not in registered form, by delivering it to an adult person, other than the donor, or to a trust company, accompanied by a statement of gift in the following form, in substance, signed by the donor and the person designated as custodian: "GIFT UNDER THE VERMONTUNIFORM GIFTS TO MINORS ACT

I, ...................., hereby deliver to .................... as custodian for .................... under the Vermont Uniform Gifts to Minors Act, the following security(ies): (insert an appropriate description of the security or securities delivered sufficient to identify it or them) ................. ........................................................................................................................................................

(signature of donor)

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

(name of custodian)

hereby acknowledges receipt of the above described security(ies) as custodian for the above minor under the Vermont Uniform Gifts to Minors Act.

Dated: ...........................................................................................................................................

(signature of custodian)"

(3) if the subject of the gift is money, by paying or delivering it to a broker or a bank for credit to an account in the name of the donor another adult person, an adult member of the minor's family, a guardian of the minor or a bank with trust powers, followed, in substance, by the words: "as custodian for ........................................................................................................

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

(name of minor)

under the Vermont Gifts to Minors Act."

(4) If the subject of the gift is a life insurance policy or annuity contract, by causing the ownership of the policy or contract to be registered with the issuing insurance company in the name of the donor, an adult member of the minor's family, a guardian of the minor or a trust company, followed, in substance, by the words: "As custodian for ...........................................

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

(name of minor)

under the Vermont Gifts to Minors Act."

(b) Any gift made in a manner prescribed in subsection (a) of this section may be made to only one minor and only one person may be the custodian.

(c) A donor who makes a gift to a minor in a manner prescribed in subsection (a) of this section shall promptly do all things within his power to put the subject of the gift in the possession and control of the custodian, but neither the donor's failure to comply with this subsection nor his designation of an ineligible person as custodian, nor renunciation by the person designated as custodian affects the consummation of the gift.

(Amended 1973, No. 133 (Adj. Sess.), § 5.)