55-34.4 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
§ 55-34.4. Form and effect of receipt and acceptance by custodial trustee;jurisdiction.
Obligations of a custodial trustee, including the obligation to followdirections of the beneficiary, arise under this chapter upon the custodialtrustee's acceptance, express or implied, of the custodial trust property.
The custodial trustee's acceptance may be evidenced by a writing stating insubstance:
CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE
I, . . . . . . . . . . . . . . . (name of custodial trustee), acknowledge
receipt of the custodial trust property described below or in the attached
instrument and accept the custodial trust as custodial trustee for . . . . . .
. . . . . . . . . (name of beneficiary) under the Virginia Uniform Custodial
Trust Act. I undertake to administer and distribute the custodial trust
property pursuant to the Virginia Uniform Custodial Trust Act. My obligations
as custodial trustee are subject to the directions of the beneficiary unless
the beneficiary is designated as, is, or becomes incapacitated. The custodial
trust property consists of ............
Dated: ....................
....................
(signature of custodial trustee)
Upon accepting custodial trust property, a person designated as custodial
trustee under this chapter is subject to personal jurisdiction of the court
with respect to any matter relating to the custodial trust.
(1990, c. 264.)