2013 Mississippi Code
Title 91 - TRUSTS AND ESTATES
Chapter 20 - TRANSFERS TO MINORS
§ 91-20-19 - Creation and transfer of custodial property

(1) Custodial property is created and a transfer is made whenever:

(a) An uncertificated security or a certificated security in registered form is either:

(i) 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 Mississippi Uniform Transfers to

Minors Act"; or

(ii) 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);

(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 Mississippi Uniform Transfers to

Minors Act";

(c) The ownership of a life or endowment insurance policy or annuity

contract is either:

(i) 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 Mississippi

Uniform Transfers to Minors Act"; or

(ii) 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

Mississippi 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 Mississippi 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

Mississippi 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:

(i) 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 Mississippi Uniform Transfers to

Minors Act"; or

(ii) 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 Mississippi Uniform Transfers to

Minors Act"; or

(g) An interest in any property not described in paragraphs (1) through

(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).

(2) An instrument in the following form satisfies the requirements of

paragraph (a)(ii) and (g) of subsection (1):

"TRANSFER UNDER THE MISSISSIPPI 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 Mississippi 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 Mississippi 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.