Custodial trustee's acceptance of trust property
Sec. 24. (a) Obligations of a custodial trustee, including the
obligation to follow directions of the beneficiary, arise under this
chapter upon the custodial trustee's acceptance, express or implied,
of the custodial trust property.
(b) The custodial trustee's acceptance may be evidenced by a
writing stating in substance:
CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE
I, _______________ (name of custodial trustee) acknowledge
receipt of the custodial trust property described below or in the
attached instrument and accept the custodial trust as custodial trustee
for _______________ (name of beneficiary) under the Indiana
uniform custodial trust act. I undertake to administer and distribute
the custodial trust property under the Indiana uniform custodial trust
act. My obligations as custodial trustee are subject to the directions
of the beneficiary unless the beneficiary is designated as, is, or
becomes incapacitated. The custodial trust property consists of
________________________________.
Dated:__________________________
________________________________
(Signature of Custodial Trustee)
(c) Upon accepting custodial trust property, a person designated
as custodial trustee under this chapter is subject to personal
jurisdiction of the court with respect to any matter relating to the
custodial trust.
As added by P.L.3-2003, SEC.1.
Last modified: May 27, 2006