§ 11-50-104 — Nomination of custodian

(1) A person having the right to
designate the recipient of property transferable upon the occurrence of a future
event may revocably nominate a custodian to receive the property for a minor
beneficiary upon the occurrence of the event by naming the custodian followed in
substance by the words: as custodian for (name of minor) under the
'Colorado Uniform Transfers to Minors Act'. The nomination may name one or more
persons as substitute custodians to whom the property must be transferred, in the
order named, if the first nominated custodian dies before the transfer or is unable,
declines, or is ineligible to serve. The nomination may be made in a will, a trust, a
deed, an instrument exercising a power of appointment, or a writing designating a
beneficiary of contractual rights which is registered with or delivered to the payer,
issuer, or other obligor of the contractual rights.

(2) A custodian nominated under this section must be a person to whom a
transfer of property of that kind may be made under section 11-50-110 (1).

(3) The nomination of a custodian under this section does not create
custodial property until the nominating instrument becomes irrevocable or a
transfer to the nominated custodian is completed under section 11-50-110. Unless
the nomination of a custodian has been revoked, upon the occurrence of the future
event the custodianship becomes effective and the custodian shall enforce a
transfer of the custodial property pursuant to section 11-50-110.

Legislative History

Source: L. 84: Entire article R&RE, p. 385, � 1, effective July 1.