Wisconsin Statutes 54.870 – Manner of creating custodial property and effecting transfer; designation of initial custodian; control
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Terms Used In Wisconsin Statutes 54.870
- Adult: means a person who has attained the age of 18 years, except that for purposes of investigating or prosecuting a person who is alleged to have violated any state or federal criminal law or any civil law or municipal ordinance, "adult" means a person who has attained the age of 17 years. See Wisconsin Statutes 990.01
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Minor: means a person who has not attained the age of 18 years, except that for purposes of investigating or prosecuting a person who is alleged to have violated a state or federal criminal law or any civil law or municipal ordinance, "minor" does not include a person who has attained the age of 17 years. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
- United States: includes the District of Columbia, the states, the commonwealth of Puerto Rico and the territories organized by congress. See Wisconsin Statutes 990.01
(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 Wisconsin 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 sub. (2);
(b) 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 Wisconsin 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 Wisconsin 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 Wisconsin 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 Wisconsin 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 Wisconsin 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 Wisconsin 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 Wisconsin Uniform Transfers to Minors Act”; or
(g) An interest in any property not described in pars. (a) to (f) 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 sub. (2).
Transfer under the Wisconsin 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 Wisconsin 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 Wisconsin 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.