§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.