Nomination of custodian
Sec. 18. (a) 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 by the words: "as custodian for
________________________ (name of minor) under the Indiana
uniform transfers to minors act". The nomination may name one (1)
or more persons as substitute custodians to whom the property shall
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 that is registered with or delivered
to the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person to
whom a transfer of property of that kind may be made under section
24(a) of this chapter.
(c) 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 24 of this chapter. 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custodian has been revoked, upon the occurrence of the future event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 under section 24 of this chapter.
As added by P.L.267-1989, SEC.2.
Last modified: May 27, 2006