55-10A-13 Validity and effect of transfer.
Validity and effect of transfer.
The validity of a transfer made in a manner
prescribed in this chapter is not affected by:
Failure of the transferor to comply with § 55-10A-11 concerning possession and control;
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 § 55-10A-9; or
Death or incapacity of a person nominated under § 55-10A-3, or designated under § 55-10A-9, as custodian or the disclaimer of the office by that person.
A transfer made pursuant to § 55-10A-9, 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 and neither the minor nor the minor's legal representative has any right, power, duty or
authority with respect to the custodial property except as provided in this chapter.
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.
Source: SL 1986, ch 409, § 13.