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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 58. PROBATE PROCEDURE

  § 58-1210. Creation of custodial property - Transfers.  

Latest version.

  • A.  Custodial property is created and a transfer is made whenever:

    1.  An uncertificated security or a certificated security in registered form is either:

    a.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 the Oklahoma Uniform Transfers to Minors Act"; or

    b.delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together 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 B of this section; or

    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 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 the Oklahoma Uniform Transfers to Minors Act".  Money paid or delivered to a financial institution as prescribed in this paragraph also may be deposited using the terms "Payable on Death" or "P.O.D.", in which case, such deposits shall be payable on the designated minor's death to a trust designated in the deposit account agreement as the "P.O.D." beneficiary, or to an individual named beneficiary if living and if not living, to the named beneficiary's estate, notwithstanding any provision to the contrary contained in Sections 41 through 57 of Title 84 of the Oklahoma Statutes.  A security held or transferred as prescribed in this paragraph also may be subject to a beneficiary designation pursuant to the Oklahoma Uniform TOD Security Registration Act, in which case, the security shall be transferable on the designated minor's death to a named beneficiary, if living and if not living, to the named beneficiary's estate, notwithstanding any provision to the contrary contained in Sections 41 through 57 of Title 84 of the Oklahoma Statutes; or

    3.  The ownership of a life or endowment insurance policy or annuity contract is either:

    a.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 the Oklahoma Uniform Transfers to Minors Act"; or

    b.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 the Oklahoma Uniform Transfers to Minors Act"; or

    4.  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 the Oklahoma Uniform Transfers to Minors Act"; or

    5.  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 the Oklahoma Uniform Transfers to Minors Act"; or

    6.  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 either:

    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 Oklahoma Uniform Transfers to Minors 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 custodian for __________________ (name of minor) under the Oklahoma Uniform Transfers to Minors Act"; or

    7.  An interest in any property not described in paragraphs 1, 2, 3, 4, 5 and 6 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 B of this section.

    B.  An instrument in the following form satisfies the requirements of subparagraph b of paragraph 1 and paragraph 7 of subsection A of this section:

    "TRANSFER UNDER THE OKLAHOMA 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 Oklahoma 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 Oklahoma Uniform Transfers to Minors Act.

    Dated: ___________________

    _________________________________________"

    (Signature of Custodian)

    C.  A transferor shall place the custodian in control of the custodial property as soon as practicable.

Added by Laws 1986, c. 261, § 10, eff. Nov. 1, 1986.  Amended by Laws 1993, c. 158, § 3, eff. Sept. 1, 1993; Laws 1994, c. 313, § 7, eff. Sept. 1, 1994.