One Click Case Law for § 44-5-119
O.C.G.A. § 44-5-118 <-- --> O.C.G.A. §44-5-12

2010 Georgia Code

TITLE 44 - PROPERTY

CHAPTER 5 - ACQUISITION AND LOSS OF PROPERTY
ARTICLE 5 - THE GEORGIA TRANSFERS TO MINORS ACT
§ 44-5-119 - Creation and transfer of custodial property

O.C.G.A. 44-5-119 (2010)
44-5-119. Creation and transfer of custodial property


(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: "as
custodian for (name of minor) under 'The Georgia Transfers to
Minors Act'"; 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) of this Code section;

(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 Georgia Transfers to
Minors Act'";

(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: "as custodian for (name of minor) under 'The Georgia
Transfers to Minors Act'"; 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: "as custodian for (name of minor) under
'The Georgia Transfers to Minors Act'";

(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: "as custodian for (name of minor) under 'The Georgia
Transfers to Minors Act'";

(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: "as custodian for (name of minor)
under 'The Georgia Transfers to Minors Act'";

(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: "as
custodian for (name of minor) under 'The Georgia Transfers to
Minors Act'"; 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: "as
custodian for (name of minor) under 'The Georgia Transfers to
Minors Act'";

(7) An interest in any property not described in paragraphs (1) through (6) of this subsection 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) of this Code section.

(b) An instrument in the following form satisfies the requirements of subparagraph (B) of paragraph (1) and paragraph (7) of subsection (a) of this Code section:


"TRANSFER UNDER THE GEORGIA


TRANSFERS TO MINORS ACT

I, (name of transferor or name and representative capacity
if a fiduciary) transfer to (name of custodian), as custodian
for (name of minor) under 'The Georgia 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 Georgia
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.