North Dakota Code 47-24.1-05 – Transfer authorized by will or trust
1. A personal representative or trustee may make an irrevocable transfer pursuant to section 47-24.1-09 to a custodian for the benefit of a minor as authorized in the governing will or trust.
Terms Used In North Dakota Code 47-24.1-05
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
2. If the testator or settlor has nominated a custodian under section 47-24.1-03 to receive the custodial property, the transfer must be made to that person.
3. If the testator or settlor has not nominated a custodian under section 47-24.1-03, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection 1 of section 47-24.1-09.