§ 75A-8-112 — Validity and effect of transfer.

(1) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(1)(a) failure of the transferor to comply with Subsection 75A-8-110(3) concerning possession and control;
(1)(b) designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under Subsection 75A-8-110(1); or
(1)(c) death or incapacity of a person nominated under Section 75A-8-104 or designated under Section 75A-8-110 as custodian or the disclaimer of the office by that person.
(2) (2)(a) A transfer made under Section 75A-8-110 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter.
(2)(b) A minor, or a minor's representative, does not have any right, power, duty, or authority regarding the custodial property except as provided in this chapter.
(3) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.

Legislative History

Renumbered and Amended by Chapter 364, 2024 General Session