§ 11-50-112 — Validity and effect of transfer

(1) The validity of a transfer made
in a manner prescribed in this article is not affected by:

(a) Failure of the transferor to comply with section 11-50-110 (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 11-50-110 (1); or

(c) Death or incapacity of a person nominated under section 11-50-104 or
designated under section 11-50-110 as custodian or the disclaimer of the office by
that person.

(2) A transfer made pursuant to section 11-50-110 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 article, 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 article.

(3) By making a transfer, the transferor incorporates in the disposition all the
provisions of this article 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 article.

Legislative History

Source: L. 84: Entire article R&RE, p. 388, � 1, effective July 1.