Validity and effect of transfer
Sec. 26. (a) The validity of a transfer made in a manner prescribed
in this chapter is not affected by:
(1) the failure of the transferor to comply with section 24(c) of
this chapter concerning possession and control;
(2) the 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 section
24(a) of this chapter; or
(3) the death or incapacity of a person nominated under section
18 of this chapter or designated under section 24 of this chapter
as custodian or the disclaimer of the office by that person.
(b) A transfer made under section 24 of this chapter 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 a right, power, duty, or authority with respect to the custodial
property except as provided in this chapter.
(c) By making a transfer, the transferor incorporates in the
disposition all the provisions of this chapter, and grants to the
custodian, and to a third person dealing with a person designated as
custodian, the respective powers, rights, and immunities provided in
this chapter.
As added by P.L.267-1989, SEC.2.
Last modified: May 27, 2006