§ 30-2-8.5-18 — Nomination of custodian

Indiana § 30-2-8.5-18

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.5: Indiana Uniform Transfers to Minors Act

Text

(a) 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 by the words: "as custodian for
________________________ (name of minor) under the Indiana
uniform transfers to minors act". The nomination may name one (1) or
more persons as substitute custodians to whom the property shall 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 in a writing designating a
beneficiary of contractual rights that is registered with or delivered to
the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person to
whom a transfer of property of that kind may be made under section
24(a) of this chapter.
(c) 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 24
of this chapter. Unless the nomination of a custodian has been revoked,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 under section 24 of this chapter.

Legislative History

As added by P.L.267-1989, SEC.2.