Indiana Code 30-2-8.5-26. Validity and effect of transfer
(1) the failure of the transferor to comply with section 24(c) of this chapter concerning possession and control;
Terms Used In Indiana Code 30-2-8.5-26
- custodial property: means :
Indiana Code 30-2-8.5-4
- custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
- legal representative: means an individual's personal representative or guardian. See Indiana Code 30-2-8.5-8
- minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
- person: means an individual, corporation, organization, or other legal entity. See Indiana Code 30-2-8.5-11
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
- transferor: means a person who makes a transfer under this chapter. See Indiana Code 30-2-8.5-15
(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.