A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. This section does not relieve a custodian from liability for breach of § 55-10A-14.

At any time, a custodian may transfer part or all of a custodial property to a qualified minor’s trust without a court order. Such transfer terminates the custodianship to the extent of the transfer.

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Source: SL 1986, ch 409, § 15; SL 2008, ch 257, § 14.