(760 ILCS 20/10) (from Ch. 110 1/2, par. 260)
Sec. 10.
Manner of Creating Custodial Property and Effecting
Transfer; Designation of Initial Custodian; Control. (a) Custodial
property is created and a transfer is made whenever:
(1) an uncertificated security or a certificated security in registered
form is either:
(i) 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 Illinois
Uniform Transfers to Minors Act"; or
(ii) delivered if in certificated form, or any document necessary for
the transfer of an uncertificated security is delivered, together with any
necessary endorsement to the transferor, an adult other than the
transferor or 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 Illinois
Uniform Transfers to Minors Act";
(3) the ownership of a life or endowment insurance policy or annuity contract
is either:
(i) 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 Illinois Uniform
Transfers to Minors Act"; or
(ii) assigned in a writing delivered to the transferor, an adult other than the
transferor or a trust company whose name in the assignment is followed
in substance by the words: "as custodian for .......... (name of minor)
under the Illinois Uniform Transfers to Minors Act";
(4) an irrevocable exercise of a power of appointment or an irrevocable
present right to future payment under a governing instrument 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 Illinois Uniform Transfers to Minors Act";
(5) real estate or an interest therein is the subject of an executed
and delivered deed, assignment or similar conveyance into 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 Illinois Uniform Transfers to Minors Act". Said
document, to be effective, shall also either be recorded by the transferor
or the custodian or be executed by the custodian using a statement in
substance in the following form:
"..............(name of custodian) hereby acknowledges receipt of the above
property described:.........(insert a description of the custodial property
sufficient to identify it) as custodian for the minor under the Illinois
Transfers to Minors Act.
Dated: ..................................... (Signature of Custodian)";
(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:
(i) 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 Illinois
Uniform Transfers to Minors Act"; or
(ii) delivered to the transferor, an adult other than the transferor
or a trust
company, endorsed to that person followed in substance by the words: "as
custodian for .......... (name of minor) under the Illinois
Uniform Transfers to Minors Act";
(7) the beneficial interest in a
land trust is assigned to 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 Illinois Uniform
Transfers to Minors Act".
The assignment and its acceptance by the custodian must be delivered to
the trustee of the land trust and an acknowledgment of receipt obtained; or
(8) an interest in any property not described in paragraphs (1) through
(7) is transferred to the transferor, an adult other than the
transferor or a trust
company by a written instrument in substantially the form set forth in subsection (b).
(b) An instrument in the following form satisfies the requirements of
paragraphs (1)(ii) and (8) of subsection (a):
"TRANSFER UNDER THE ILLINOIS
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 Illinois 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 Illinois
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.
(Source: P.A. 84-1129.)
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