§ 30-2-8.6-33 — Resigning or declining to serve as custodial trustee

Indiana § 30-2-8.6-33

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.6: Uniform Custodial Trust Act

Text

(a) Before accepting the custodial trust
property, a person designated as custodial trustee may decline to serve
as custodial trustee by notifying:
(1) the person who made the designation;
(2) the transferor; or
(3) the transferor's legal representative.
(b) If the person designated to serve as custodial trustee declines to
serve under subsection (a), and an event giving rise to a transfer has not
occurred:
(1) the substitute custodial trustee designated under section 23 of
this chapter becomes the custodial trustee; or
(2) if a substitute custodial trustee has not been designated:
(A) the person who made the designation may designate a
substitute custodial trustee under section 23 of this chapter; or
(B) the transferor or the transferor's legal representative may
designate a substitute custodial trustee.
(c) A custodial trustee who has accepted the custodial trust property
may resign by:
(1) delivering written notice of resignation to:
(A) a successor custodial trustee, if any;
(B) the beneficiary; and
(C) if the beneficiary is incapacitated, the beneficiary's
guardian, if any;
(2) transferring, registering, or recording an appropriate
instrument relating to the custodial trust property in the name of
the successor custodial trustee identified under subsection (d);
and
(3) delivering the records to the successor trustee identified under
subsection (d).
(d) If a custodial trustee or successor custodial trustee is ineligible,
resigns, dies, or becomes incapacitated, the successor designated under
section 21 or 23 of this chapter becomes custodial trustee. If there is no
effective provision for a successor:
(1) the beneficiary, if not incapacitated, may designate a successor
custodial trustee; or
(2) if the beneficiary is incapacitated, or fails to act within ninety
(90) days after the ineligibility, resignation, death, or incapacity
of the custodial trustee:
(A) the beneficiary's guardian becomes successor custodial
trustee; or
(B) if the beneficiary does not have a guardian or the guardian
fails to act, the resigning custodial trustee may designate a
successor custodial trustee.
(e) If a successor custodial trustee is not designated under
subsection (d), any of the following may petition the court to designate
a successor custodial trustee:
(1) The transferor.
(2) The legal representative of the transferor.
(3) The legal representative of the custodial trustee.
(4) An adult member of the beneficiary's family.
(5) The guardian of the beneficiary.
(6) A person interested in the custodial trust property.
(7) A person interested in the welfare of the beneficiary.
(f) A custodial trustee who declines to serve or resigns, or the legal
representative of a deceased or incapacitated custodial trustee, as soon
as practicable, shall put the custodial trust property and records in the
possession and control of the successor custodial trustee. The successor
custodial trustee may enforce the obligation to deliver custodial trust
property and records and becomes responsible for each item as
received.
(g) A beneficiary, an adult member of the beneficiary's family, a
guardian of the person of the beneficiary, a person interested in the
custodial trust property, or a person interested in the welfare of the
beneficiary, may petition the court:
(1) to remove the custodial trustee for cause and designate a
successor custodial trustee;
(2) to require the custodial trustee to furnish a bond or other
security for the faithful performance of fiduciary duties; or
(3) for other appropriate relief.

Legislative History

As added by P.L.3-2003, SEC.1.