§ 565B.18 — Renunciation, resignation, death, or removal of custodian — designation of successor custodian

Iowa § 565B.18

• Jurisdiction: Iowa
• Title XIV: PROPERTY
• Ch. 565B: TRANSFERS TO MINORS

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successor custodian.
1. A person nominated under section 565B.3 or designated under section 565B.9 as
custodian may decline to serve by delivering a valid disclaimer to the person who made the
nomination or to the transferor or the transferor’s legal representative. If the event giving
rise to a transfer has not occurred and no substitute custodian able, willing, and eligible
to serve was nominated under section 565B.3, the person who made the nomination may
nominate a substitute custodian under section 565B.3; otherwise, the transferor or the
transferor’s legal representative shall designate a substitute custodian at the time of the
transfer, in either case from among the persons eligible to serve as custodian for that kind
of property under section 565B.9, subsection 1. The custodian so designated has the rights
of a successor custodian.
2. A custodian at any time may designate a trust company or an adult other than
a transferor under section 565B.4 as successor custodian by executing and dating an
instrument of designation before a subscribing witness other than the successor. If the
instrument of designation does not contain or is not accompanied by the resignation of the
custodian, the designation of the successor does not take effect until the custodian resigns,
dies, becomes incapacitated, or is removed.
3. Acustodianmayresignatanytimebydeliveringwrittennoticetotheminoriftheminor
has attained the age of fourteen years and to the successor custodian and by delivering the
custodial property to the successor custodian.
4. If a custodian is ineligible, dies, or becomes incapacitated without having effectively
designated a successor and the minor has attained the age of fourteen years, the minor may
designate as successor custodian, in the manner prescribed in subsection 2, an adult member
of the minor’s family, a conservator of the minor, or a trust company. If the minor has not
attained the age of fourteen years or fails to act within sixty days after the ineligibility, death,
or incapacity, the conservator of the minor becomes successor custodian. If the minor has no
conservator or the conservator declines to act, the transferor, the legal representative of the
transferor or of the custodian, an adult member of the minor’s family, or any other interested
person may petition the court to designate a successor custodian.
5. A custodian who declines to serve under subsection 1 or resigns under subsection 3,
or the legal representative of a deceased or incapacitated custodian, as soon as practicable,
shall put the custodial property and records in the possession and control of the successor
custodian. The successor custodian by action may enforce the obligation to deliver custodial
property and records and becomes responsible for each item as received.
6. A transferor, the legal representative of a transferor, an adult member of the minor’s
family, a guardian of the person of the minor, the conservator of the minor, or the minor if the
minor has attained the age of fourteen years may petition the court to remove the custodian
for cause and to designate a successor custodian other than a transferor under section 565B.4
or to require the custodian to give appropriate bond.