§ 18-7-4 - Nomination of custodian.
SECTION 18-7-4
§ 18-7-4 Nomination of custodian. –(a) A person having the right to designate the recipient of propertytransferable upon the occurrence of a future event may revocably nominate acustodian to receive the property for a minor beneficiary upon the occurrenceof the event by naming the custodian followed in substance by the words: "ascustodian for ]]]]]]]] (name of minor) under the Rhode Island Uniform Transfersto Minors Act, chapter 7 of title 18." The nomination may name one or morepersons as substitute custodians to whom the property must be transferred, inthe order named, if the first nominated custodian dies before the transfer oris unable, declines, or is ineligible to serve. The nomination may be made in awill, a trust, a deed, an instrument exercising a power of appointment, or in awriting designating a beneficiary of contractual rights which is registeredwith or delivered to the payor, issuer, or other obligor of the contractualrights.
(b) A custodian nominated under this section must be a personto whom a transfer of property of that kind may be made under § 18-7-10(a).
(c) The nomination of a custodian under this section does notcreate custodial property until the nominating instrument becomes irrevocableor a transfer to the nominated custodian is completed under § 18-7-10.Unless the nomination of a custodian has been revoked, upon the occurrence ofthe future event the custodianship becomes effective and the custodian shallenforce a transfer of the custodial property pursuant to § 18-7-10.