§ 34-13-131 — Renunciation, resignation, death or removal of custodian; designation of successor custodian

Wyoming § 34-13-131

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 13: TRANSFERS TO MINORS

Text

(a) A person nominated under W.S. 34-13-116 or designated
under W.S. 34-13-122 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 the event giving rise to a transfer has not
occurred and no substitute future custodian able, willing and
eligible to serve was nominated, the person who made the
nomination may nominate a substitute future custodian; otherwise
the transferor or the transferor's legal representative shall
designate a substitute custodian at the time of the transfer, in
either case from among the persons eligible to serve as
custodian for that kind of property under W.S. 34-13-122(a). The
custodian so 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 W.S. 34-13-117 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 has attained the age of
fourteen (14) years and to the successor custodian and by
transferring 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 has attained the age of fourteen (14) years, the
minor may designate as successor custodian, in the manner
prescribed in subsection (b) of this section, an adult member of
the minor's family, a conservator of the minor or a trust
company. If the minor has not attained the age of fourteen (14)
years or fails to act within sixty (60) days after the
ineligibility, death or incapacity, the conservator of the minor
becomes successor custodian. If the minor has no conservator or
the conservator 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 disclaims under subsection (a) of this
section or resigns under subsection (c) of this section, 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 may enforce the obligation to
deliver custodial property and records and becomes 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 person of the minor, the conservator of the minor or the
minor if the minor has attained the age of fourteen (14) years
may petition the court to remove the custodian for cause and to
designate a successor custodian other than a transferor under
W.S. 34-13-117 or to require the custodian to give appropriate
bond.