RSA 463-A:9 · Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control

463-A:9 Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control. –

Copy link

I.

Custodial property is created and a transfer is made whenever:

Copy link

(a)

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

Copy link

(1)

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 New Hampshire Uniform Transfers to Minors Act"; or

Copy link

(2)

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 paragraph II;

Copy link

(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 New Hampshire Uniform Transfers to Minors Act";

Copy link

(c)

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

Copy link

(1)

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 New Hampshire Uniform Transfers to Minors Act"; or

Copy link

(2)

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 New Hampshire Uniform Transfers to Minors Act";

Copy link

(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 New Hampshire Uniform Transfers to Minors Act";

Copy link

(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 New Hampshire Uniform Transfers to Minors Act";

Copy link

(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:

Copy link

(1)

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 New Hampshire Uniform Transfers to Minors Act"; or

Copy link

(2)

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 New Hampshire Uniform Transfers to Minors Act"; or

Copy link

(g)

An interest in any property not described in subparagraphs (a) through (f) 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 paragraph II.

Copy link

II.

An instrument in the following form satisfies the requirements of subparagraphs I(a)(2) and I(g): "TRANSFER UNDER THE NEW HAMPSHIRE 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 New Hampshire Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it). Date: __________ _ (Signature) __________ (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the New Hampshire Uniform Transfers to Minors Act. Dated: __________ "_ (Signature of Custodian)

Copy link

III.

A transferor shall place the custodian in control of the custodial property as soon as practicable. Source. 1985, 197:1, eff. July 30, 1985.

Copy link