91-20-23 - Factors not affecting validity of transfer; powers and duties of custodian unalterable.
§ 91-20-23. Factors not affecting validity of transfer; powers and duties of custodian unalterable.
(1) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(a) Failure of the transferor to comply with Section 91-20-19(3) concerning possession and control;
(b) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under Section 91-20-19(1); or
(c) Death or incapacity of a person nominated under Section 91-20-7 or designated under Section 91-20-19 as custodian or the disclaimer of the office by that person.
(2) A transfer made pursuant to Section 91-20-19 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in this chapter, and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in this chapter.
(3) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in this chapter.
Sources: Laws, 1994, ch. 416, § 12, eff from and after January 1, 1995.