2005 Idaho Code - 68-809 — MANNER OF CREATING CUSTODIAL PROPERTY AND EFFECTING TRANSFER -- DESIGNATION OF INITIAL CUSTODIAN -- CONTROL

                                  TITLE  68
                            TRUSTS AND FIDUCIARIES
                                  CHAPTER 8
                             TRANSFERS TO MINORS
    68-809.  MANNER OF CREATING CUSTODIAL PROPERTY AND EFFECTING TRANSFER --
DESIGNATION OF INITIAL CUSTODIAN -- CONTROL. (1) Custodial property is created
and a transfer is made whenever:
    (a)  An uncertificated security or a certificated security in registered
    form is either:
         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 the Idaho Uniform
         Transfers to Minors Act"; or
         2.  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 (2) of this section;
    (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 the Idaho Uniform
    Transfers to Minors Act";
    (c)  The ownership of a life or endowment insurance policy or annuity
    contract is either:
         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 the Idaho Uniform Transfers to Minors Act"; 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 the Idaho Uniform Transfers to Minors Act";
    (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 the Idaho Uniform Transfers to Minors Act";
    (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 the Idaho Uniform Transfers to Minors Act";
    (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 either:
         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 the Idaho Uniform
         Transfers to Minors Act"; 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 the Idaho Uniform
         Transfers to Minors Act"; or
    (g)  An interest in any property not described in paragraphs (a) through
    (f) 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) of this section.
    (2)  An instrument in the following form satisfies the requirements of
paragraphs (a)2. and (g) of subsection (1):
                      "TRANSFER UNDER THE IDAHO 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 Idaho 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 Idaho Uniform Transfers
to Minors Act.
Dated:.......................
.............................
  (Signature of Custodian)"
    (3)  A transferor shall place the custodian in control of the custodial
property as soon as practicable.