                                 CODE OF VIRGINIA

MANNER OF CREATING CUSTODIAL PROPERTY AND EFFECTING TRANSFER; DESIGNATION OF
INITIAL CUSTODIAN; CONTROL (§ 64.2-1908)

A. Custodial property is created and a transfer is made whenever:

   1. An uncertificated security or a certificated security in registered form is
   either:
   				a. Registered in the name of the transferor, an adult other than the
   transferor, or a trust company, followed in substance by the words: &#8220;as
   custodian for __________ (name of minor) under the Virginia Uniform Transfers
   to Minors Act&#8221;; or
   				b. 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, 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: &#8220;as custodian for __________ (name of minor) under the Virginia
   Uniform Transfers to Minors Act.&#8221;

   3. The ownership of a life or endowment insurance policy or annuity contract
   is either:
   				a. 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: &#8220;as custodian for __________ (name of minor) under the Virginia
   Uniform Transfers to Minors Act&#8221;; or
   				b. 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: &#8220;as custodian for __________ (name of minor) under the
   Virginia Uniform Transfers to Minors Act.&#8221;

   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: &#8220;as custodian for __________ (name of minor) under the Virginia
   Uniform Transfers to Minors Act.&#8221;

   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: &#8220;as custodian for __________ (name of minor) under the
   Virginia Uniform Transfers to Minors Act.&#8221;

   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:
   				a. Issued in the name of the transferor, an adult other than the
   transferor, or a trust company, followed in substance by the words: &#8220;as
   custodian for __________ (name of minor) under the Virginia Uniform Transfers
   to Minors Act&#8221;; or
   				b. Delivered to an adult other than the transferor or to a trust company,
   endorsed to that person followed in substance by the words: &#8220;as
   custodian for __________ (name of minor) under the Virginia Uniform Transfers
   to Minors Act.&#8221;

   7. An interest in any property not described in subdivisions 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.
   				Nothing in this subsection shall be deemed to prohibit the creation or
   transfer of custodial property from a personal representative, trustee, or
   conservator to himself as custodian pursuant to &#xA7;&#xA7; 64.2-1904,
   64.2-1905, and 64.2-1906.

B. An instrument in the following form satisfies the requirements of
subdivisions A 1 b and A 7.
			TRANSFER UNDER THE VIRGINIA 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 Virginia 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 Virginia 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.

D. A transferor who transfers property to an individual under the age of 21
years pursuant to &#xA7; 64.2-1903 or 64.2-1904 may expressly provide that the
custodian shall deliver, convey, or pay the property to the individual on the
individual&#8217;s attaining the age of 21 by inclusion of the parenthetical
&#8220;(21)&#8221; after the words &#8220;Virginia Uniform Transfers to Minors
Act&#8221; or substantially similar language. In such case, the word
&#8220;minor&#8221; as used in this chapter shall mean an individual who has not
attained the age of 21 years.

E. A transferor who transfers property on or after July 1, 2019, to an
individual under the age of 21 years pursuant to &#xA7; 64.2-1903 or 64.2-1904
may expressly provide that the custodian shall deliver, convey, or pay the
property to the individual on the individual&#8217;s attaining the age of 25 by
inclusion of the parenthetical &#8220;(25)&#8221; after the words
&#8220;Virginia Uniform Transfers to Minors Act&#8221; or substantially similar
language. In such case, the word &#8220;minor&#8221; as used in this chapter
shall mean an individual who has not attained the age of 25 years.

HISTORY: 1988, c. 516, § 31-45; 1989, c. 548; 1990, c. 831; 2012, c. 614; 2019,
c. 527.