D.C. Code § 21-309

Current through codified legislation effective September 18, 2024

Section 21-309 - Manner of creating custodial property and effecting transfer; designation of initial custodian; control

(a) Custodial property is created and a transfer is made when:

(1) An uncertificated security is either:

TRANSFER UNDER THE DISTRICT OF COLUMBIA UNIFORM TRANSFERS TO MINORS ACT

I, __________ [name of transferor or name of representative capacity if a fiduciary] hereby transfer to __________ [name of custodian], as custodian for __________ [name of minor] under the District of Columbia Uniform Transfers to Minors Act, the following: [insert a description of the custodian property sufficient to identify it].

Dated: __________

________________________

[Signature]

__________ [name of custodian] acknowledges receipt of the property described above as a custodian for the minor named above under the District of Columbia Uniform Transfers to Minors Act.

Dated: __________

________________________

[Signature of Custodian]

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 District of Columbia Uniform Transfers to Minors Act"; or

Delivered with the necessary documents and endorsements for transfer to an adult other than the transferor or to a trust company, as custodian, accompanied by an instrument in substantially the form described in subsection (b) of this section;

A certificated security in registered form is either:

Delivered, together with any necessary endorsements, to an adult other than the transferor or to a trust company, as custodian, accompanied by an instrument in substantially the form described in subsection (b) of this section;

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 District of Columbia Uniform Transfers to Minors Act";

The ownership of a life or endowment insurance policy or annuity contract is either:

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 District of Columbia Uniform Transfers to Minors Act"; or

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 District of Columbia Uniform Transfers to Minors Act";

An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under 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 District of Columbia Uniform Transfers to Minors Act";

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 District of Columbia Uniform Transfers to Minors Act";

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:

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 District of Columbia Uniform Transfers to Minors Act"; or

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 District of Columbia Uniform Transfers to Minors Act"; or

An interest in any property not described in paragraphs (1) through (7) of this subsection 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) of this section.

An instrument in the following form satisfies the requirements of paragraphs (1)(B), (2)(B), and (8) of subsection (a) of this section:

(c) A transferor shall place the custodian in control of the custodial property as soon as practicable.

(d) A transferor who transfers property to an individual under the age of 21 years pursuant to section 21-304 or 21-305 may expressly provide that the custodian shall deliver, convey, or pay the property to the individual on the individual's attaining the age of 21 by inclusion of the parenthetical "(21)" after the words "District of Columbia Uniform Transfers to Minors Act" or substantially similar language. In such case, the word "minor", as used in this chapter, shall mean an individual who has not attained the age of 21 years.

D.C. Code § 21-309

Mar. 12, 1986, D.C. Law 6-87, § 2(a), 33 DCR 278; Mar. 24, 1998, D.C. Law 12-81, § 14(b), 45 DCR 745; Apr. 27, 2001, D.C. Law 13-292, § 602(a), 48 DCR 2087.

Uniform Law: This section is based upon § 9 of the Uniform Transfers to Minors Act.