§ 30-2-8.5-33 — Renunciation, resignation, death, or removal of custodian; designation of successor custodian

Indiana § 30-2-8.5-33

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

Text

(a) A person nominated under section 18 of
this chapter or designated under section 24 of this chapter 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:
(1) the event giving rise to a transfer has not occurred; and
(2) no substitute custodian able, willing, and eligible to serve was
nominated under section 18 of this chapter;
the person who made the nomination may nominate a substitute
custodian under section 18 of this chapter. Otherwise the transferor or
the transferor's legal representative shall designate a substitute
custodian at the time of the transfer from among the persons eligible to
serve as custodian for that kind of property under section 24(a) of this
chapter. The custodian designated has the rights of a successor
custodian.
(b) A custodian at any time may designate a trust company or an
adult other than a transferor under section 19 of this chapter 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.
(c) A custodian may resign at any time by delivering written notice
to the minor if the minor is at least fourteen (14) years of age and to the
successor custodian and by delivering the custodial property to the
successor custodian.
(d) If a custodian is ineligible, dies, or becomes incapacitated
without having effectively designated a successor and the minor is at
least fourteen (14) years of age, the minor may designate as successor
custodian, in the manner prescribed in subsection (b), an adult member
of the minor's family, a guardian of the minor, or a trust company.
Except as provided in subsection (g), if the minor is less than fourteen
(14) years of age or fails to act within sixty (60) days after the
ineligibility, death, or incapacity, the guardian of the minor becomes
successor custodian. If the minor has no guardian or the guardian
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.
(e) A custodian who declines to serve under subsection (a) or
resigns under subsection (c), 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 is
responsible for each item as received.
(f) A transferor, the legal representative of a transferor, an adult
member of the minor's family, a guardian of the minor, or the minor if
the minor is at least fourteen (14) years of age may petition the court to
remove the custodian for cause and to designate a successor custodian
other than a transferor under section 19 of this chapter or to require the
custodian to give appropriate bond.
(g) If the custodial property, including a custodial account, is worth
less than ten thousand dollars ($10,000), a guardian does not need to
be appointed as set forth in IC 29-3-3-1.

Legislative History

As added by P.L.267-1989, SEC.2. Amended by P.L.149-2012, SEC.10.