2017 Mississippi Code
Title 91 - Trusts and Estates
Chapter 20 - Transfers to Minors
§ 91-20-19. Creation and transfer of custodial property

• (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

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.