(a) Custodial property is created and a transfer is made when (1) an uncertificated security or a certificated security in registered form is either (A) 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 Alaska 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 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 out in (b) of this section; (2) 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 Alaska Uniform Transfers to Minors Act'; (3) the ownership of a life or endowment insurance policy or annuity contract is either (A) registered with the issuer in __________ (name of minor) under the Alaska Uniform Transfers to Minors Act'; (3) the ownership of a life or endowment insurance policy or annuity contract is either (A) 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 Alaska Uniform Transfers to Minors Act'; or (B) 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 Alaska Uniform Transfers to Minors Act'; (4) 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 t 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 Alaska Uniform Transfers to Minors Act'; (5) 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 Alaska 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 either (A) 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 Alaska Uniform Transfers to Minors Act'; or (B) 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 Alaska Uniform Transfers to Minors or to a trust company, endorsed to that person followed in substance by the words 'as custodian for _____________________________________ (name of minor) under the Alaska Uniform Transfers to Minors Act'; or (7) an interest in property not described in (1) - (6) 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 out in (b) of this section. (b) An instrument in the following form satisfies the requirements of (a)(1)(B) and (a)(7) of this section: 'TRANSFER UNDER THE ALASKA 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 Alaska Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it). Dated: _____________________________________ (Signature) _____________________________________ (name of custodian) has received the property described above odial property sufficient to identify it). Dated: _____________________________________ (Signature) _____________________________________ (name of custodian) has received the property described above as custodian for the minor named above under the Alaska 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.
Alaska Legal Code