Arizona Laws 14-7659. Manner of creating custodial property and effecting transfer; designation of initial custodian; control
A. Custodial property is created and a transfer is made if:
Terms Used In Arizona Laws 14-7659
- Adult: means a person who is at least twenty-one years of age. See Arizona Laws 14-7651
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Broker: means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. See Arizona Laws 14-7651
- Contract: A legal written agreement that becomes binding when signed.
- Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
- Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
- Financial institution: means a bank, trust company, savings institution or credit union, which is chartered and supervised under state or federal law. See Arizona Laws 14-7651
- Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
- Payor: means a trustee, insurer, business entity, employer, government, governmental agency or subdivision or any other person who is authorized or obligated by law or a governing instrument to make payments. See Arizona Laws 14-1201
- Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
- State: includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and a territory or possession subject to the legislative authority of the United States. See Arizona Laws 14-7651
- Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
- Transferor: means a person who makes a transfer pursuant to this article. See Arizona Laws 14-7651
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trust company: means a financial institution, corporation or other legal entity, which is authorized to exercise general trust powers. See Arizona Laws 14-7651
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
- Writing: includes printing. See Arizona Laws 1-215
1. An uncertificated security or a certificated security in registered form is either 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 Arizona uniform transfers to minors act" or 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.
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 Arizona uniform transfers to minors act".
3. 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 Arizona 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 Arizona 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 Arizona 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 Arizona uniform transfers to minors act".
6. 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 Arizona 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 Arizona uniform transfers to minors act".
7. An interest in any property not described in paragraphs 1 through 6 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.
B. An instrument satisfies the requirements of subsection A, paragraphs 1 and 7 if it is in the following form:
Transfer under the Arizona 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 Arizona 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 Arizona 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.