{"data":{"id":"us-ok/okla.-stat.-tit.-58-58-1213","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 58, § 58-1213","heading":"Powers and duties of custodians","body":"A. A custodian shall:\n\n1. take control of custodial property;\n\n2. register or record title to custodial property if\n\nappropriate; and\n\n3. collect, hold, manage, invest, and reinvest custodial\n\nproperty.\n\nB. In dealing with custodial property, a custodian shall\n\nobserve the standard of care that would be observed by a prudent\n\nperson dealing with property of another and is not limited by any\n\nother statute restricting investments by fiduciaries. If a\n\ncustodian has a special skill or expertise or is named custodian on\n\nthe basis of representations of a special skill or expertise, the\n\ncustodian shall use that skill or expertise. However, a custodian,\n\nin the custodian's discretion and without liability to the minor or\n\nthe minor's estate, may retain any custodial property received from\n\na transferor.\n\nC. A custodian may invest in or pay premiums on life insurance\n\nor endowment policies on:\n\n1. the life of the minor only if the minor or the minor's\n\nestate is the sole beneficiary, or\n\n2. the life of another person in whom the minor has an\n\ninsurable interest only to the extent that the minor, the minor's\n\nestate, or the custodian in the capacity of custodian, is the\n\nirrevocable beneficiary.\n\nD. A custodian at all times shall keep custodial property\n\nseparate and distinct from all other property in a manner sufficient\n\nto identify it clearly as custodial property of the minor. Custodial\n\nproperty consisting of an undivided interest is so identified if the\n\nminor's interest is held as a tenant in common and is fixed.\n\nCustodial property subject to recordation is so identified if it is\n\nrecorded, and custodial property subject to registration is so\n\nidentified if it is either registered, or held in an account\n\ndesignated, in the name of the custodian, following in substance by\n\nthe words: \"as a custodian for __________________ (name of minor)\n\nunder the Oklahoma Uniform Transfers to Minors Act.\"\n\nE. A custodian shall keep records of all transactions with\n\nrespect to custodial property, including information necessary for\n\nthe preparation of the minor's tax returns, and shall make them\n\navailable for inspection at reasonable intervals by a parent or\n\nlegal representative of the minor or by the minor if the minor has\n\nattained the age of fourteen (14) years.","path":["OK Code","Title 58"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os58.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a020e0743fe798541188474dffeb8600db811d4642e5a1d45c64e31c100bf865","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-58-58-1212","next":"us-ok/okla.-stat.-tit.-58-58-1214"},"notice":"GroundRules: Original legal text. Not legal advice."}