Creation and transfer of custodial property

1. Law
2. Mississippi Code
3. Trusts and Estates
4. Transfers to Minors
5. Creation and transfer of custodial property

1. Custodial property is created and a transfer is made whenever:
   1. An uncertificated security or a certificated security in registered form is either:
      1. Registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for_______________(name of minor) under the Mississippi Uniform Transfers to Minors Act"; or
      2. Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to 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 (2);
   2. Money ispaid or delivered 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:"as custodian for_______________(nameof minor) under the Mississippi Uniform Transfers to Minors Act";
   3. The ownership of a life or endowment insurance policy or annuity contract is either:
      1. Registered with the issuer 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 of minor) under the MississippiUniform Transfers to Minors Act"; or
      2. Assigned in a writingdelivered to an adult other than the transferor or to a trust companywhose name in the assignment is followed in substance by the words:"as custodian for_______________(nameof minor) under the Mississippi Uniform Transfers to Minors Act";
   4. An irrevocable exercise of a power of appointment or an irrevocablepresent right to future payment under a contract is the subject ofa written notification delivered to the payor, issuer or other obligorthat the right is transferred to the transferor, an adult other thanthe transferor or a trust company, whose name in the notificationis followed in substance by the words: "as custodian for_______________(name of minor) under the MississippiUniform Transfers to Minors Act";
   5. An interest in realproperty is recorded in the name of the transferor, an adult otherthan the transferor or a trust company, followed in substance by thewords: "as custodian for_______________(name of minor) under the Mississippi Uniform Transfers to MinorsAct";
   6. A certificate of title issued by a department or agencyof a state or of the United States which evidences title to tangiblepersonal property is either:
      1. Issued in the name of the transferor,an adult other than the transferor or a trust company, followed insubstance by the words: "as custodian for_______________(name of minor) under the MississippiUniform Transfers to Minors Act"; or
      2. Delivered to anadult other than the transferor or to a trust company, endorsed tothat person followed in substance by the words: "as custodianfor_______________(name of minor) under theMississippi Uniform Transfers to Minors Act"; or
   7. An interest in any property not described in paragraphs (1) through(6) is transferred to an adult other than the transferor or to a trustcompany by a written instrument in substantially the form set forthin subsection (b).
2. An instrumentin the following form satisfiesthe requirements of paragraph (a)(ii)and (g) of subsection (1):

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3. A transferor shall place the custodian in control of the custodial property as soon as practicable.

"TRANSFER UNDER THE MISSISSIPPI UNIFORMTRANSFERS TO MINORS ACT I, (name of transferor or name and representative capacity if a fiduciary) hereby transfer to (name of custodian), as custodian for (name of minor) under the Mississippi Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it). Dated: (Signature) (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Mississippi Uniform Transfers to Minors Act. Dated: (Signature of Custodian)"

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