Nevada Revised Statutes 167.030 – Creation of custodial property; manner of making transfer
1. Custodial property is created and a transfer is made when:
Terms Used In Nevada Revised Statutes 167.030
- Adult: means a person who has attained the age of 18 years. See Nevada Revised Statutes 167.020
- 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 his or her own account or for the account of others. See Nevada Revised Statutes 167.020
- Contract: A legal written agreement that becomes binding when signed.
- Custodial property: means :
(a) Any interest in property transferred to a custodian in a manner prescribed in this chapter; and
(b) The income from and the proceeds of that interest in property. See Nevada Revised Statutes 167.020
- Custodian: means a person so designated in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Financial institution: means a bank, trust company, savings institution or credit union chartered and supervised under federal law or the laws of a state. See Nevada Revised Statutes 167.020
- Minor: means a person who has not attained the age of 18 years. See Nevada Revised Statutes 167.020
- Person: means any natural person, corporation, organization or other legal entity. See Nevada Revised Statutes 167.020
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or possession subject to the legislative authority of the United States. See Nevada Revised Statutes 167.020
- Transfer: means a transaction which creates custodial property in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Transferor: means a person who makes a transfer in a manner prescribed in this chapter. See Nevada Revised Statutes 167.020
- Trust company: means a financial institution, corporation or other legal entity authorized to exercise general trust powers. See Nevada Revised Statutes 167.020
(a) An uncertificated security or a certificated security in registered form is:
(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 Nevada’s Uniform Act on Transfers to Minors’; or
(2) Delivered if in certificated form, or any document necessary for the transfer or an uncertificated security is delivered, 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;
(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 Nevada’s Uniform Act on Transfers to Minors’;
(c) The ownership of a life or endowment insurance policy or annuity contract is:
(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 Nevada’s Uniform Act on Transfers to Minors’; 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 Nevada’s Uniform Act on Transfers to Minors’;
(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 Nevada’s Uniform Act on Transfers to Minors’;
(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 Nevada’s Uniform Act on Transfers to Minors’;
(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:
(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 Nevada’s Uniform Act on Transfers to Minors’; 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 Nevada’s Uniform Act on Transfers to Minors’; or
(g) An interest in any property not described in paragraphs (a) to (f), inclusive, 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.
2. An instrument in the following form satisfies the requirements of subparagraph (2) of paragraph (a) of subsection 1 and paragraph (g) of subsection 1:
3. Any transfer made in a manner prescribed in subsection 1 may be made to only one minor and only one person may be the custodian. Any custodial property held by the same custodian for the benefit of the same minor constitutes a single custodianship.
4. A transferor shall promptly do all things within his or her power to put the subject of the transfer in the possession and control of the custodian.