[§554B-18]  Implementation, methods, and
forms for creating custodial trusts.  (a)  If a transaction otherwise
satisfies applicable law,



(1)  The execution and either delivery to the
custodial trustee or recording of an instrument in substantially the following
form satisfies the requirements of section 554B-2:



 



TRANSFER UNDER THE HAWAII



UNIFORM CUSTODIAL TRUST ACT



 



I,
________________(name of transferor or name and representative capacity if a
fiduciary), transfer to ________________(name of trustee other than
transferor), as custodial trustee for ________________(name of beneficiary) as
beneficiary and ________________ as distributee on termination of the trust in
absence of direction by the beneficiary under the Hawaii Uniform Custodial
Trust Act, the following:  (insert a description of the custodial trust
property sufficient to identify each asset).



Dated: ______________



_____________________________



(Signature)



 



(2)  The execution and the
recording or giving notice of its execution to the beneficiary of an instrument
in substantially the following form satisfies the requirements of section
554B-2:



 



DECLARATION OF TRUST UNDER THE HAWAII



UNIFORM CUSTODIAL TRUST ACT



 



I,
________________(name of owner or property), declare that henceforth I hold as
custodial trustee for ________________(name of beneficiary other than
transferor) as beneficiary and ________________ as distributee on termination
of the trust in absence of direction by the beneficiary under the Hawaii
Uniform Custodial Trust Act, the following:  (insert a description of the
custodial trust property sufficient to identify each asset).



Dated: ______________



_____________________________



(Signature)



 



(b)  Customary methods of transferring or
evidencing ownership of assets may be used to create a custodial trust and
include the following:



(1)  Registration of a security in the name of a trust
company, an adult other than the transferor, or the transferor if the
beneficiary is other than the transferor, followed in substance by the words
"as custodial trustee for ________________ (name of beneficiary) under the
Hawaii Uniform Custodial Trust Act";



(2)  Delivery of a certificated security, or a
document necessary for the transfer of an uncertificated security, together
with any necessary endorsement, to an adult other than the transferor or to a
trust company as custodial trustee, accompanied by an instrument in
substantially the form prescribed in subsection (a)(1);



(3)  Payment of money or transfer of a security held
in the name of a broker or a financial institution or its nominee to a broker
or financial 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 is other than the transferor, followed in substance by the words:
"as custodial trustee for ________________ (name of beneficiary) under the
Hawaii Uniform Custodial Trust Act";



(4)  Registration of ownership of a life or endowment
insurance policy or annuity contract with the issuer in the name of a trust company,
an adult other than the transferor, or the transferor if the beneficiary is
other than the transferor, followed in substance by the words:  "as
custodial trustee for ________________ (name of beneficiary) under the Hawaii
Uniform Custodial Trust Act";



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



(6)  Irrevocable exercise of a power of appointment,
pursuant to its terms, in favor of a trust company, an adult other than the
donee of the power, or the donee who holds the power if the beneficiary is
other than the donee, whose name in the appointment is followed in substance by
the words: "as custodial trustee for ________________ (name of
beneficiary) under the Hawaii Uniform Custodial Trust Act";



(7)  Delivery of a written notification or assignment
of a right to future payment under a contract to an obligor which transfers the
right under the contract to a trust company, an adult other than the
transferor, or the transferor if the beneficiary is other than the transferor,
whose name in the notification or assignment is followed in substance by the
words: "as custodial trustee for ________________ (name of beneficiary)
under the Hawaii Uniform Custodial Trust Act";



(8)  Execution, delivery, and recordation of a
conveyance of an interest in real property in the name of a trust company, an
adult other than the transferor, or the transferor if the beneficiary is other
than the transferor, followed in substance by the words: "as custodial
trustee for ________________ (name of beneficiary) under the Hawaii Uniform
Custodial Trust Act";



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



(A)  Issued in the name of a trust company, an
adult other than the transferor, or the transferor if the beneficiary is other
than the transferor, followed in substance by the words: "as custodial
trustee for ________________ (name of beneficiary) under the Hawaii Uniform
Custodial Trust Act"; or



(B)  Delivered to a trust company or an adult
other than the transferor or endorsed by the transferor to that person,
followed in substance by the words: "as custodial trustee for
________________ (name of beneficiary) under the Hawaii Uniform Custodial Trust
Act"; or



(10)  Execution and delivery of an instrument of gift to
a trust company or an adult other than the transferor, followed in substance by
the words: "as custodial trustee for ________________ (name of
beneficiary) under the Hawaii Uniform Custodial Trust Act". [L 1989, c 76,
pt of §1]