§ 47-24.1-03 — Nomination of custodian

North Dakota § 47-24.1-03

• Jurisdiction: North Dakota
• Title 47: Property
• Ch. 47-24.1: Uniform Transfers to Minors Act

Text

1. 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 in substance by the words: "as custodian for __________ (name of
minor) under the North Dakota Uniform Transfers to Minors Act". The nomination may
name one or more persons as substitute custodians to whom the property must 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 which is registered with or delivered to
the payor, issuer, or other obligor of the contractual rights.
2. A custodian nominated under this section must be a person to whom a transfer of
property of that kind may be made under subsection 1 of section 47-24.1-09.
3. 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 47-24.1-09. 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custodian has been revoked, upon the occurrence of the future event the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 pursuant to section 47-24.1-09.