31-39 - Nomination of custodian.
§ 31-39. Nomination of custodian.
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 in substance by the words: "as
custodian for ...................... (name of minor) under the Virginia
Uniform Transfers to
Minors Act." The nomination may name one or more persons as substitute
custodians to whom the property must 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 which 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 atransfer of property of that kind may be made under subsection A of § 31-45.
C. The nomination of a custodian under this section does not create custodialproperty until the nominating instrument becomes irrevocable or a transfer tothe nominated custodian is completed under § 31-45. Unless the nomination ofcustodian has been revoked, upon the occurrence of the future event thecustodianship becomes effective and the custodian shall enforce a transfer ofthe custodial property pursuant to § 31-45.
(1988, c. 516.)