Creation of custodial property; manner of making transfer.
1. Custodial property is created and a transfer is made when:
(a) An uncertificated security or a certificated security in registered form is:
(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 Nevada’s Uniform Act on Transfers to Minors”; or
(2) Delivered if in certificated form, or any document necessary for the transfer or an uncertificated security is delivered, 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;
(b) Money is paid or delivered to a broker or financial institution for credit to an account 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 Nevada’s Uniform Act on Transfers to Minors”;
(c) The ownership of a life or endowment insurance policy or annuity contract is:
(1) Registered with the issuer 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 Nevada’s Uniform Act on Transfers to Minors”; or
(2) Assigned in a writing delivered 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 custodian for ................ (name of minor) under Nevada’s Uniform Act on Transfers to Minors”;
(d) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer or other obligor that the right is transferred to the transferor, an adult other than the transferor or a trust company, whose name in the notification is followed in substance by the words: “as custodian for................(name of minor) under Nevada’s Uniform Act on Transfers to Minors”;
(e) An interest in real property is recorded 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 Nevada’s Uniform Act on Transfers to Minors”;
(f) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is:
(1) 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 Nevada’s Uniform Act on Transfers to Minors”; or
(2) Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: “as custodian for................(name of minor) under Nevada’s Uniform Act on Transfers to Minors”; or
(g) An interest in any property not described in paragraphs (a) to (f), inclusive, is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subsection 2.
2. An instrument in the following form satisfies the requirements of subparagraph (2) of paragraph (a) of subsection 1 and paragraph (g) of subsection 1:
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 Nevada’s Uniform Act on Transfers to Minors, 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 Nevada’s Uniform Act on Transfers to Minors.
Dated:
............................................................... ”
(Signature of Custodian)
3. Any transfer made in a manner prescribed in subsection 1 may be made to only one minor and only one person may be the custodian. Any custodial property held by the same custodian for the benefit of the same minor constitutes a single custodianship.
4. A transferor shall promptly do all things within his power to put the subject of the transfer in the possession and control of the custodian.
Last modified: February 25, 2006