2006 Code of Virginia § 55-34.4 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction

55-34.4. Form and effect of receipt and acceptance by custodial trustee;jurisdiction.

Obligations of a custodial trustee, including the obligation to followdirections of the beneficiary, arise under this chapter upon the custodialtrustee's acceptance, express or implied, of the custodial trust property.

The custodial trustee's acceptance may be evidenced by a writing stating insubstance:

CUSTODIALTRUSTEE'SRECEIPTANDACCEPTANCE
I,...............(nameofcustodialtrustee),acknowledge
receiptofthecustodialtrustpropertydescribedbeloworintheattached
instrumentandacceptthecustodialtrustascustodialtrusteefor......
.........(nameofbeneficiary)undertheVirginiaUniformCustodial
TrustAct.Iundertaketoadministeranddistributethecustodialtrust
propertypursuanttotheVirginiaUniformCustodialTrustAct.Myobligations
ascustodialtrusteearesubjecttothedirectionsofthebeneficiaryunless
thebeneficiaryisdesignatedas,is,orbecomesincapacitated.Thecustodial
trustpropertyconsistsof......................
Dated:....................
....................
(signatureofcustodialtrustee)
Uponacceptingcustodialtrustproperty,apersondesignatedascustodial
trusteeunderthischapterissubjecttopersonaljurisdictionofthecourt
withrespecttoanymatterrelatingtothecustodialtrust.

(1990, c. 264.)