§ 1210. Creation of custodial property--Transfers
Oklahoma Statutes AnnotatedTitle 58. Probate Procedure
58 Okl.St.Ann. § 1210
§ 1210. Creation of custodial property--Transfers
b. 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 subsection B of this section; or
2. Money is paid or delivered or a security held in the name of a broker, financial institution, or its nominee is transferred 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 Oklahoma Uniform Transfers to Minors Act”. Money paid or delivered to a financial institution as prescribed in this paragraph also may be deposited using the terms “Payable on Death” or “P.O.D.”, in which case, such deposits shall be payable on the designated minor's death to a trust designated in the deposit account agreement as the “P.O.D.” beneficiary, or to an individual named beneficiary if living and if not living, to the named beneficiary's estate, notwithstanding any provision to the contrary contained in Sections 41 through 57 of Title 84 of the Oklahoma Statutes. A security held or transferred as prescribed in this paragraph also may be subject to a beneficiary designation pursuant to the Oklahoma Uniform TOD Security Registration Act,1 in which case, the security shall be transferable on the designated minor's death to a named beneficiary, if living and if not living, to the named beneficiary's estate, notwithstanding any provision to the contrary contained in Sections 41 through 57 of Title 84 of the Oklahoma Statutes; or
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 Oklahoma Uniform Transfers to Minors Act”; or
“TRANSFER UNDER THE OKLAHOMA 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 Oklahoma 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 Oklahoma Uniform Transfers to Minors Act.
Dated: ___________________
_________________________________________”
(Signature of Custodian)
Credits
Laws 1986, c. 261, § 10, eff. Nov. 1, 1986; Laws 1993, c. 158, § 3, eff. Sept. 1, 1993; Laws 1994, c. 313, § 7, eff. Sept. 1, 1994.
Footnotes
Title 71, § 901 et seq.
58 Okl. St. Ann. § 1210, OK ST T. 58 § 1210
Current with emergency effective legislation through Chapter 90 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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