46:38-15 - Gifts to minors
46:38-15. Gifts to minors
3. An adult may, during his lifetime, make a gift of a security, a life insurance or endowment policy, annuity contract, tangible personal property, interest in a partnership or limited partnership or money to a minor under this act:
(a) If the subject of the gift is a security in registered form, by registering it in the name of a person eligible to be custodian, or a trust company, followed by substantially the following language: "as custodian for ........................ (name of minor) under the New Jersey Uniform Gifts to Minors Act";
(b) If the subject of the gift is a security not in registered form, by delivering it to a person eligible to be custodian, other than the donor, or a trust company, accompanied by a statement of gift in substantially the following language, signed by the donor and the custodian:
"GIFT UNDER THE NEW JERSEY UNIFORM GIFTS TO MINORS ACT
I, .................................. (name of donor) hereby deliver to ............................., (name of custodian) as custodian under the New Jersey Uniform Gifts to Minors Act, for.........................., (name of minor) the following security: .............................................. (description of security)
Dated: ................................................................
(signature of donor)
...................................., (name of custodian) as custodian for said ................................ .(name of minor) hereby acknowledges receipt of the above described security under the New Jersey Uniform Gifts to Minors Act.
Dated:.................................................................
(signature of custodian)"
(c) If the subject of the gift is money, by paying or delivering it to a broker or a bank for credit to an account in the name of a person eligible to be custodian, followed by substantially the following language: "as custodian for ..................................(name of minor) under the New Jersey Uniform Gifts to Minors Act."
(d) If the subject of the gift is a life insurance or endowment policy or an annuity contract, by causing the ownership of the policy or contract to be registered with the issuing insurance company in the name of the custodian or in the name of an adult member of the minor's family or in the name of a guardian of the minor or any bank or trust company, followed by the words "custodian for ........................ (name of minor) under the New Jersey Uniform Gifts to Minors Act," and such policy of life insurance or endowment policy or annuity contract shall be delivered to the person in whose name it is thus registered as custodian. If the policy or contract is registered in the name of the donor, as custodian, such registration shall of itself constitute the delivery required by this act.
(e) If the subject of the gift is an interest in tangible personal property, by causing the ownership of the property to be transferred by any appropriate written document to the custodian in his own name, followed by substantially the following language: "as custodian for ........................ (name of minor) under the New Jersey Uniform Gifts to Minors Act."
(f) If the subject of the gift is an interest in a partnership or a limited partnership, by delivering an assignment of the interest to the custodian in his own name, followed by substantially the following language: "as custodian for ..........................(name of minor) under the New Jersey Uniform Gifts to Minors Act," and by notifying in writing the other partner or partners in the case of a partnership or the other general partner or partners in the case of a limited partnership and the donee of the gift. In the case in which the assignment is made to the donor in his own name, notification to the other partner or partners in the case of a partnership or to the other general partner or partners in the case of a limited partnership shall constitute the delivery required by this subsection.
L.1963,c.177,s.3; amended 1981, c.377, s.2; repealed R.S. 46:38A-57; (effective July 1, 2007); amended 1997, c.33, s.18.