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Florida Statutes (Last Updated: April 21, 2021) |
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TITLE XL. REAL AND PERSONAL PROPERTY |
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CHAPTER 710. TRANSFERS TO MINORS |
SECTION 710.111. Manner of creating custodial property and effecting transfer; designation of initial custodian; control.
Latest version.
- 1(1) 2Custodial property is created and a transfer is made whenever:12(a) 13An uncertificated security or a certificated security in registered form is either:251. 26Registered 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 52(name of minor) 55under the Florida Uniform Transfers to Minors Act”; or642. 65Delivered 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);115(b) 116Money 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 157(name of minor) 160under the Florida Uniform Transfers to Minors Act”;168(c) 169The ownership of a life or endowment insurance policy or annuity contract is either:1831. 184Registered 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 213(name of minor) 216under the Florida Uniform Transfers to Minors Act”; or2252. 226Assigned 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 258(name of minor) 261under the Florida Uniform Transfers to Minors Act”;269(d) 270An 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 337(name of minor) 340under the Florida Uniform Transfers to Minors Act”;348(e) 349An 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 381(name of minor) 384under the Florida Uniform Transfers to Minors Act”;392(f) 393A 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:4201. 421Issued 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 447(name of minor) 450under the Florida Uniform Transfers to Minors Act”; or4592. 460Delivered 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 486(name of minor) 489under the Florida Uniform Transfers to Minors Act”; or498(g) 499An interest in any property not described in paragraphs (a)-(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 subsection (2).536(2) 537An instrument in the following form satisfies the requirements of subparagraph (1)(a)2. and paragraph (1)(g):
552“TRANSFER UNDER THE FLORIDA
556UNIFORM TRANSFERS TO MINORS ACT561I, 562(name of transferor or name and representative capacity if a fiduciary) 573hereby transfer to 576(name of custodian) , 579as custodian for 582(name of minor) 585under the Florida Uniform Transfers to Minors Act, the following: 595(insert a description of the custodial property sufficient to identify it) 606.
607Dated:
608(signature)
609(name of custodian) 612acknowledges receipt of the property described above as custodian for the minor named above under the Florida Uniform Transfers to Minors Act.
634Dated:
635(signature of custodian) 638.”
639(3) 640A transferor shall place the custodian in control of the custodial property as soon as practicable.
History.-s. 1, ch. 85-95.
