Texas Property Code

§ 141.010 — MANNER OF CREATING CUSTODIAL PROPERTY AND EFFECTING TRANSFER; DESIGNATION OF INITIAL CUSTODIAN; CONTROL

PR § 141.010Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part A. PERSONS UNDER DISABILITY · Ch. 141. TRANSFERS TO MINORS

Statute text

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(a)Custodial property is created and a transfer is made when:

(1)an uncertificated security or a certificated security in registered form is:

(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 Texas Uniform Transfers to Minors Act"; or

(B)delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, 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: "as custodian for (name of minor) under the Texas Uniform Transfers to Minors Act";

(3)the ownership of a life or endowment insurance policy or annuity contract is:

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Legislative history

Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 10 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.