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§58-1213.
§58-1213.
A. A custodian shall:
1. take control of custodial property;
2. register or record title to custodial property if appropriate; and
3. collect, hold, manage, invest, and reinvest custodial property.
B. In dealing with custodial property, a custodian shall observe the
standard of care that would be observed by a prudent person dealing
with property of another and is not limited by any other statute
restricting investments by fiduciaries. If a custodian has a special
skill or expertise or is named custodian on the basis of
representations of a special skill or expertise, the custodian shall
use that skill or expertise. However, a custodian, in the custodian's
discretion and without liability to the minor or the minor's estate,
may retain any custodial property received from a transferor.
C. A custodian may invest in or pay premiums on life insurance or
endowment policies on:
1. the life of the minor only if the minor or the minor's estate is
the sole beneficiary, or
2. the life of another person in whom the minor has an insurable
interest only to the extent that the minor, the minor's estate, or the
custodian in the capacity of custodian, is the irrevocable
beneficiary.
D. A custodian at all times shall keep custodial property separate and
distinct from all other property in a manner sufficient to identify it
clearly as custodial property of the minor. Custodial property
consisting of an undivided interest is so identified if the minor's
interest is held as a tenant in common and is fixed. Custodial
property subject to recordation is so identified if it is recorded,
and custodial property subject to registration is so identified if it
is either registered, or held in an account designated, in the name of
the custodian, following in substance by the words: "as a custodian
for __________________ (name of minor) under the Oklahoma Uniform
Transfers to Minors Act."
E. A custodian shall keep records of all transactions with respect to
custodial property, including information necessary for the
preparation of the minor's tax returns, and shall make them available
for inspection at reasonable intervals by a parent or legal
representative of the minor or by the minor if the minor has attained
the age of fourteen (14) years.
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