§ 31-45. Manner of creating custodial property and effecting transfer;designation of initial custodian; control.
A. Custodial property is created and a transfer is made whenever:
1. An uncertificated security or a certificated security in registered formis either:
a. Registered in the name of the transferor, an adult other than thetransferor, or a trust company, followed in substance by the words: "ascustodian for . . . . . . . . . . . . . . . (name of minor) under theVirginia Uniform Transfers to Minors Act"; or
b. Delivered if in certificated form, or any document necessary for thetransfer of an uncertificated security is delivered, together with anynecessary endorsement to an adult other than the transferor or to a trustcompany as custodian, accompanied by an instrument in substantially the formset forth in subsection B.
2. Money is paid or delivered, or a security held in the name of a broker,financial institution, or its nominee is transferred, to a broker orfinancial institution for credit to an account in the name of the transferor,an adult other than the transferor, or a trust company, followed in substanceby the words: "as custodian for . . . . . . . . . . . . (name of minor)under the Virginia Uniform Transfers to Minors Act."
3. The ownership of a life or endowment insurance policy or annuity contractis either:
a. Registered with the issuer in the name of the transferor, an adult otherthan the transferor, or a trust company, followed in substance by the words:"as custodian for . . . . . . . . . . . . (name of minor) under the VirginiaUniform Transfers to Minors Act"; or
b. Assigned in a writing delivered to an adult other than the transferor orto a trust company whose name in the assignment is followed in substance bythe words: "as custodian for . . . . . . . . . . . . (name of minor) underthe Virginia 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 of a writtennotification delivered to the payor, issuer, or other obligor that the rightis transferred to the transferor, an adult other than the transferor, or atrust company, whose name in the notification is followed in substance by thewords: "as custodian for . . . . . . . . . . . . (name of minor) under theVirginia Uniform Transfers to Minors Act."
5. An interest in real property is recorded in the name of the transferor, anadult other than the transferor, or a trust company, followed in substance bythe words: "as custodian for . . . . . . . . . . . . (name of minor) underthe Virginia Uniform Transfers to Minors Act."
6. A certificate of title issued by a department or agency of a state or ofthe United States which evidences title to tangible personal property iseither:
a. Issued 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 Virginia Uniform Transfers toMinors Act"; or
b. Delivered to an adult other than the transferor or to a trust company,endorsed to that person followed in substance by the words: "as custodianfor . . . . . . . . . . . . (name of minor) under the Virginia UniformTransfers to Minors Act."
7. An interest in any property not described in subdivisions 1 through 6 istransferred to an adult other than the transferor or to a trust company by awritten instrument in substantially the form set forth in subsection B.
Nothing in this subsection A shall be deemed to prohibit the creation ortransfer of custodial property from a personal representative, trustee, orconservator to himself as custodian pursuant to §§ 31-41 through 31-43.
B. An instrument in the following form satisfies the requirements ofsubdivisions 1 b and 7 of subsection A.
TRANSFER UNDER THE VIRGINIA UNIFORM TRANSFERS 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 Virginia 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 Virginia Uniform Transfers to Minors Act. Dated: .................. .................... (Signature of Custodian)
C. A transferor shall place the custodian in control of the custodialproperty as soon as practicable.
D. A transferor who transfers property to an individual under the age oftwenty-one years pursuant to § 31-40 or § 31-41 may expressly provide thatthe custodian shall deliver, convey or pay the property to the individual onthe individual's attaining the age of twenty-one by inclusion of theparenthetical "(21)" after the words "Virginia Uniform Transfers to MinorsAct" or substantially similar language. In such case, the word "minor" asused in this chapter shall mean an individual who has not attained the age oftwenty-one years.
§ 31-45. Manner of creating custodial property and effecting transfer;designation of initial custodian; control.
A. Custodial property is created and a transfer is made whenever:
1. An uncertificated security or a certificated security in registered formis either:
a. Registered in the name of the transferor, an adult other than thetransferor, or a trust company, followed in substance by the words: "ascustodian for . . . . . . . . . . . . . . . (name of minor) under theVirginia Uniform Transfers to Minors Act"; or
b. Delivered if in certificated form, or any document necessary for thetransfer of an uncertificated security is delivered, together with anynecessary endorsement to an adult other than the transferor or to a trustcompany as custodian, accompanied by an instrument in substantially the formset forth in subsection B.
2. Money is paid or delivered, or a security held in the name of a broker,financial institution, or its nominee is transferred, to a broker orfinancial institution for credit to an account in the name of the transferor,an adult other than the transferor, or a trust company, followed in substanceby the words: "as custodian for . . . . . . . . . . . . (name of minor)under the Virginia Uniform Transfers to Minors Act."
3. The ownership of a life or endowment insurance policy or annuity contractis either:
a. Registered with the issuer in the name of the transferor, an adult otherthan the transferor, or a trust company, followed in substance by the words:"as custodian for . . . . . . . . . . . . (name of minor) under the VirginiaUniform Transfers to Minors Act"; or
b. Assigned in a writing delivered to an adult other than the transferor orto a trust company whose name in the assignment is followed in substance bythe words: "as custodian for . . . . . . . . . . . . (name of minor) underthe Virginia 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 of a writtennotification delivered to the payor, issuer, or other obligor that the rightis transferred to the transferor, an adult other than the transferor, or atrust company, whose name in the notification is followed in substance by thewords: "as custodian for . . . . . . . . . . . . (name of minor) under theVirginia Uniform Transfers to Minors Act."
5. An interest in real property is recorded in the name of the transferor, anadult other than the transferor, or a trust company, followed in substance bythe words: "as custodian for . . . . . . . . . . . . (name of minor) underthe Virginia Uniform Transfers to Minors Act."
6. A certificate of title issued by a department or agency of a state or ofthe United States which evidences title to tangible personal property iseither:
a. Issued 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 Virginia Uniform Transfers toMinors Act"; or
b. Delivered to an adult other than the transferor or to a trust company,endorsed to that person followed in substance by the words: "as custodianfor . . . . . . . . . . . . (name of minor) under the Virginia UniformTransfers to Minors Act."
7. An interest in any property not described in subdivisions 1 through 6 istransferred to an adult other than the transferor or to a trust company by awritten instrument in substantially the form set forth in subsection B.
Nothing in this subsection A shall be deemed to prohibit the creation ortransfer of custodial property from a personal representative, trustee, orconservator to himself as custodian pursuant to §§ 31-41 through 31-43.
B. An instrument in the following form satisfies the requirements ofsubdivisions 1 b and 7 of subsection A.
TRANSFER UNDER THE VIRGINIA UNIFORM TRANSFERS 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 Virginia 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 Virginia Uniform Transfers to Minors Act. Dated: .................. .................... (Signature of Custodian)
C. A transferor shall place the custodian in control of the custodialproperty as soon as practicable.
D. A transferor who transfers property to an individual under the age oftwenty-one years pursuant to § 31-40 or § 31-41 may expressly provide thatthe custodian shall deliver, convey or pay the property to the individual onthe individual's attaining the age of twenty-one by inclusion of theparenthetical "(21)" after the words "Virginia Uniform Transfers to MinorsAct" or substantially similar language. In such case, the word "minor" asused in this chapter shall mean an individual who has not attained the age oftwenty-one years.
§ 31-45. Manner of creating custodial property and effecting transfer;designation of initial custodian; control.
A. Custodial property is created and a transfer is made whenever:
1. An uncertificated security or a certificated security in registered formis either:
a. Registered in the name of the transferor, an adult other than thetransferor, or a trust company, followed in substance by the words: "ascustodian for . . . . . . . . . . . . . . . (name of minor) under theVirginia Uniform Transfers to Minors Act"; or
b. Delivered if in certificated form, or any document necessary for thetransfer of an uncertificated security is delivered, together with anynecessary endorsement to an adult other than the transferor or to a trustcompany as custodian, accompanied by an instrument in substantially the formset forth in subsection B.
2. Money is paid or delivered, or a security held in the name of a broker,financial institution, or its nominee is transferred, to a broker orfinancial institution for credit to an account in the name of the transferor,an adult other than the transferor, or a trust company, followed in substanceby the words: "as custodian for . . . . . . . . . . . . (name of minor)under the Virginia Uniform Transfers to Minors Act."
3. The ownership of a life or endowment insurance policy or annuity contractis either:
a. Registered with the issuer in the name of the transferor, an adult otherthan the transferor, or a trust company, followed in substance by the words:"as custodian for . . . . . . . . . . . . (name of minor) under the VirginiaUniform Transfers to Minors Act"; or
b. Assigned in a writing delivered to an adult other than the transferor orto a trust company whose name in the assignment is followed in substance bythe words: "as custodian for . . . . . . . . . . . . (name of minor) underthe Virginia 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 of a writtennotification delivered to the payor, issuer, or other obligor that the rightis transferred to the transferor, an adult other than the transferor, or atrust company, whose name in the notification is followed in substance by thewords: "as custodian for . . . . . . . . . . . . (name of minor) under theVirginia Uniform Transfers to Minors Act."
5. An interest in real property is recorded in the name of the transferor, anadult other than the transferor, or a trust company, followed in substance bythe words: "as custodian for . . . . . . . . . . . . (name of minor) underthe Virginia Uniform Transfers to Minors Act."
6. A certificate of title issued by a department or agency of a state or ofthe United States which evidences title to tangible personal property iseither:
a. Issued 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 Virginia Uniform Transfers toMinors Act"; or
b. Delivered to an adult other than the transferor or to a trust company,endorsed to that person followed in substance by the words: "as custodianfor . . . . . . . . . . . . (name of minor) under the Virginia UniformTransfers to Minors Act."
7. An interest in any property not described in subdivisions 1 through 6 istransferred to an adult other than the transferor or to a trust company by awritten instrument in substantially the form set forth in subsection B.
Nothing in this subsection A shall be deemed to prohibit the creation ortransfer of custodial property from a personal representative, trustee, orconservator to himself as custodian pursuant to §§ 31-41 through 31-43.
B. An instrument in the following form satisfies the requirements ofsubdivisions 1 b and 7 of subsection A.
TRANSFER UNDER THE VIRGINIA UNIFORM TRANSFERS 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 Virginia 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 Virginia Uniform Transfers to Minors Act. Dated: .................. .................... (Signature of Custodian)
C. A transferor shall place the custodian in control of the custodialproperty as soon as practicable.
D. A transferor who transfers property to an individual under the age oftwenty-one years pursuant to § 31-40 or § 31-41 may expressly provide thatthe custodian shall deliver, convey or pay the property to the individual onthe individual's attaining the age of twenty-one by inclusion of theparenthetical "(21)" after the words "Virginia Uniform Transfers to MinorsAct" or substantially similar language. In such case, the word "minor" asused in this chapter shall mean an individual who has not attained the age oftwenty-one years.
