Renunciation, resignation, death, or removal of custodian;
designation of successor custodian
Sec. 33. (a) A person nominated under section 18 of this chapter
or designated under section 24 of this chapter 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:
(1) the event giving rise to a transfer has not occurred; and
(2) no substitute custodian able, willing, and eligible to serve
was nominated under section 18 of this chapter;
the person who made the nomination may nominate a substitute
custodian under section 18 of this chapter. Otherwise the transferor
or the transferor's legal representative shall designate a substitute
custodian at the time of the transfer from among the persons eligible
to serve as custodian for that kind of property under section 24(a) of
this chapter. The custodian 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 section 19 of this chapter 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 is at least fourteen (14) years of age
and to the successor custodian and by delivering 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 is at
least fourteen (14) years of age, the minor may designate as
successor custodian, in the manner prescribed in subsection (b), an
adult member of the minor's family, a guardian of the minor, or a
trust company. If the minor is less than fourteen (14) years of age or
fails to act within sixty (60) days after the ineligibility, death, or
incapacity, the guardian of the minor becomes successor custodian.
If the minor has no guardian or the guardian 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 declines to serve under subsection (a) or
resigns under subsection (c), 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 by action may enforce
the obligation to deliver custodial property and records and is
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 minor, or the minor
if the minor is at least fourteen (14) years of age may petition the
court to remove the custodian for cause and to designate a successor
custodian other than a transferor under section 19 of this chapter or
to require the custodian to give appropriate bond.
As added by P.L.267-1989, SEC.2.
Last modified: May 27, 2006