KRS § 385.092 — KY Code / Title XXXII / Chapter 385 / Section 385.092
385.092 Manner of creating custodial property and effecting transfer -- Designation of initial custodian -- Control
Status: in_force

385.092 Manner of creating custodial property and effecting transfer --

Designation of initial custodian -- Control.

(1) Custodial property is created and a transfer is made whenever:

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

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 Kentucky Uniform Transfers to Minors Act"; or

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 subsection (2) of this section;

(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 Kentucky

Uniform Transfers to Minors Act";

(c) The ownership of a life or endowment insurance policy or annuity contract is

either:

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 Kentucky Uniform Transfers to Minors Act"; or

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 Kentucky Uniform Transfers to Minors Act";

(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

the Kentucky Uniform Transfers to Minors Act";

(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 Kentucky Uniform Transfers to Minors Act";

(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:

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

Kentucky Uniform Transfers to Minors Act"; or

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 Kentucky Uniform Transfers to Minors Act"; or

(g) An interest in any property not described in paragraphs (a) through (f) 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 (2) of this section.

(2) An instrument in the following form satisfies the requirements of paragraphs (a)2.

and (g) of subsection (1) of this section:

"TRANSFER UNDER THE KENTUCKY

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 Kentucky 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

Kentucky Uniform Transfers to Minors Act.

Dated: -------------------------------

-------------------------------------------------"

(Signature of Custodian)

(3) A transferor shall place the custodian in control of the custodial property as soon as

practicable.