(a) If a transaction, including a declaration with respect to specific property or a transfer of specific property, otherwise satisfies applicable law, the criteria of AS 13.60.010 are satisfied by
(1) the execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form:
TRANSFER UNDER THE ALASKA 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 Alaska Uniform Custodial Trust Act, the
following: (insert a description of the custodial trust property
legally sufficient to identify and transfer each item of property).
Dated: _________________________________________
________________________________________________
(Signature); or
(2) the execution and the recording or giving notice of its
execution to the beneficiary of an instrument in substantially the
following form:
DECLARATION OF TRUST UNDER THE ALASKA UNIFORM
CUSTODIAL TRUST ACT
I, _________________ (name of owner of property), declare that from this date 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 Alaska Uniform
Custodial Trust Act, the following: (insert a description of the
custodial trust property legally sufficient to identify and transfer
each item of property).
Dated: _____________________________________________
____________________________________________________
(Signature).
(b) Either form identified under (a) of this section may be
modified by the transferor of the property to include, for example, the
designation of an alternate or successor trustee or the recipient of
the custodial property upon termination of the trust.
(c) Customary methods of transferring or evidencing ownership
of property may be used to create a custodial trust, including 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, designated in substance 'as custodial
trustee for _______________________ (name of beneficiary) under the Alaska 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 set out in (a)(1) of this section;
(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, designated in substance 'as
custodial trustee for _______________________ (name of beneficiary) under the Alaska 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, designated in substance 'as
custodial trustee for _______________________ (name of beneficiary) under the Alaska 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
designated in substance by the words 'as custodial trustee for ________________________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';
(6) irrevocable exercise of a power of appointment, under 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 designated in
substance 'as custodial trustee for ______________________ (name of beneficiary) under the
Alaska Uniform Custodial Trust Act';
(7) delivery of a written notification or assignment of a right to
future payment under a contract to an obligor that 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 designated
in substance 'as custodial trustee for ______________________ (name of beneficiary) under the
Alaska 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, designated in substance 'as custodial
trustee for __________________________ (name of beneficiary) under the Alaska Uniform Custodial
Trust Act';
(9) issuance of a certificate of title by an agency of a state or of
the United States that 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, designated in substance 'as custodial trustee for ____________________________ (name of beneficiary) under the Alaska 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, designated in
substance 'as custodial trustee for ________________________ (name of beneficiary) under the
Alaska 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, designated in substance
'as custodial trustee for ________________________ (name of beneficiary) under the Alaska
Uniform Custodial Trust Act.'
Section: Previous 13.60.080 13.60.090 13.60.100 13.60.110 13.60.120 13.60.130 13.60.140 13.60.150 13.60.160 13.60.170 13.60.180 13.60.190 13.60.900 13.60.990 NextLast modified: November 15, 2016