Gifts of securities, money, life insurance, or annuity contracts to minors; manner of making

§ 21–302. Gifts of securities, money, life insurance, or annuity contracts to minors; manner of making (a) An adult may, during his lifetime, make a gift, of a security, money, life insurance or annuity contract to one who is a minor on the date of the gift, if the subject of the gift is a security: (1) in registered form, by registering it in the name of the donor, another adult, or a trust company followed, in substance, by the words: “as custodian for [name of minor] under the District of Columbia Uniform Gifts to Minors Act”; 79 Stat. 746 (2) not in registered form, by delivering it to an adult other than the donor or a trust company, accompanied by a statement of gift in the following form, in substance, signed by the donor and the designated custodian: (3) Where the subject of the gift is a life insurance or annuity contract, the donor shall register the ownership of the contract in his own name or in the name of an adult member of the minor’s family or in the name of a guardian of the minor, followed by the words “as custodian for [name of minor] under the District of Columbia Uniform Gifts to Minors Act”, and the contract shall be delivered to the person in whose name it is thus registered as custodian. Where the contract is registered in the name of the donor as custodian, the registration of itself constitutes the delivery required by this section. (4) Where 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 the donor, another adult, or a bank with trust powers, followed, in substance, by the words: “as custodian for [name of minor] under the District of Columbia Uniform Gifts to Minors Act”. (b) A gift made in the manner prescribed by subsection (a) of this section may be made to only one minor. (c) A donor who makes a gift to a minor as prescribed by subsection (a) of this section shall promptly do all things within his power to put the subject of the gift in the possession and control of the custodian, but neither the donor’s failure to comply with this subsection, nor his designation of an ineligible person as custodian, nor renunciation by the person designated as custodian affects the consummation of the gift.