75-5a-119 - Renunciation, resignation, death, or removal of custodian -- Designation of successor custodian.
75-5a-119. Renunciation, resignation, death, or removal of custodian -- Designationof successor custodian.
(1) A person nominated under Section 75-5a-104 or designated under Section 75-5a-110as custodian may decline to serve by delivering a valid disclaimer to the person who made thenomination or to the transferor or the transferor's legal representative. If the event giving rise to atransfer has not occurred and no substitute custodian able, willing, and eligible to serve wasnominated under Section 75-5a-104, the person who made the nomination may nominate asubstitute custodian under Section 75-5a-104; otherwise the transferor or the transferor's legalrepresentative shall designate a substitute custodian at the time of the transfer, in either case fromamong the persons eligible to serve as custodian for that kind of property under Subsection75-5a-110(1). The custodian designated has the rights of a successor custodian.
(2) A custodian at any time may designate a trust company or an adult other than atransferor under Section 75-5a-105 as successor custodian by executing and dating an instrumentof designation before a subscribing witness other than the successor. If the instrument ofdesignation does not contain or is not accompanied by the resignation of the custodian, thedesignation of the successor does not take effect until the custodian resigns, dies, becomesincapacitated, or is removed.
(3) A custodian may resign at any time by delivering written notice to the minor if theminor is 14 years of age or older and to the successor custodian and by delivering the custodialproperty to the successor custodian.
(4) (a) If a custodian is ineligible, dies, or becomes incapacitated without havingeffectively designated a successor and the minor is 14 years of age or older, the minor maydesignate as successor custodian, in the manner prescribed in Subsection (2), an adult member ofthe minor's family, a conservator of the minor, or a trust company. If the minor is not yet 14years of age or fails to act within 60 days after the ineligibility, death, or incapacity, theconservator of the minor becomes successor custodian.
(b) If the minor has no conservator or the conservator declines to act, the transferor, thelegal 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.
(5) A custodian who declines to serve under Subsection (1) or resigns under Subsection(3), or the legal representative of a deceased or incapacitated custodian shall as soon aspracticable place the custodial property and records in the possession and control of the successorcustodian. The successor custodian by action may enforce the obligation to deliver custodialproperty and records and becomes responsible for each item as received.
(6) A transferor, the legal representative of a transferor, an adult member of the minor'sfamily, a guardian of the person of the minor, the conservator of the minor, or the minor if he is14 years of age or older, may petition the court to remove the custodian for cause and todesignate a successor custodian other than a transferor under Section 75-5a-105 or to require thecustodian to give appropriate bond.
Amended by Chapter 71, 2005 General Session