Manner of creating custodial property and effecting transfer; designation of initial custodian; control

Sec. 24. (a) Custodial property is created and a transfer is made if: (1) an uncertificated security or a certificated security in registered form is: (A) registered in the name of: (i) the transferor; (ii) an adult other than the transferor; or (iii) a trust company; followed by the words: "as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act"; or (B) delivered if in certificated form, or a document necessary for the transfer of an uncertificated security is delivered, together with a 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); (2) money is paid or delivered to a broker or financial institution for credit to an account in the name of: (A) the transferor; (B) an adult other than the transferor; or (C) a trust company; followed by the words: "as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act"; (3) the ownership of a life or endowment insurance policy or annuity contract is: (A) registered with the issuer in the name of: (i) the transferor; (ii) an adult other than the transferor; or (iii) a trust company; followed by the words: "as custodian for _________ (name of minor) under the Indiana uniform transfers to minors act"; or (B) assigned in a writing delivered to: (i) an adult other than the transferor; or (ii) a trust company; whose name in the assignment is followed by the words: "as custodian for ___________ (name of minor) under the Indiana uniform transfers to minors act"; (4) an irrevocable exercise of a power of appointment or an irrevocable present right to future payment is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to: (A) the transferor; (B) an adult other than the transferor; or (C) a trust company; whose name in the notification is followed by the words: "as custodian for _______ (name of minor) under the Indiana uniform transfers to minors act"; (5) an interest in real property is recorded in the name of: (A) the transferor; (B) an adult other than the transferor; or (C) a trust company; followed by the words: "as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act"; (6) a certificate of title issued by a department or agency of a state or of the United States that evidences title to tangible personal property is: (A) issued in the name of: (i) the transferor; (ii) an adult other than the transferor; or (iii) a trust company; followed by the words: "as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act"; or (B) delivered and endorsed to: (i) an adult other than the transferor; or (ii) a trust company; followed by the words: "as custodian for __________ (name of minor) under the Indiana uniform transfers to minors act"; or (7) an interest in property not described in subdivisions (1) through (6) is transferred to: (A) an adult other than the transferor; or (B) a trust company; by a written instrument in substantially the form set forth in subsection (b). (b) An instrument in the following form satisfies the requirements of subsection (a)(1)(B) and (a)(7): TRANSFER UNDER THE INDIANA 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 Indiana 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 Indiana 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.