Hawaii Revised Statutes 553A-11 – Validity and effect of transfer

(a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:

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Terms Used In Hawaii Revised Statutes 553A-11

Custodial property: means (1) any interest in property transferred to a custodian under this chapter and (2) the income from and proceeds of that interest in property. See Hawaii Revised Statutes 553A-1
Custodian: means a person so designated under section 553A-9 or a successor or substitute custodian designated under section 553A-18. See Hawaii Revised Statutes 553A-1
Legal representative: means an individual's personal representative or conservator. See Hawaii Revised Statutes 553A-1
Minor: means an individual who has not attained the age of twenty-one years. See Hawaii Revised Statutes 553A-1
Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 553A-1
Transfer: means a transaction that creates custodial property under section 553A-9. See Hawaii Revised Statutes 553A-1
Transferor: means a person who makes a transfer under this chapter. See Hawaii Revised Statutes 553A-1

(1) Failure of the transferor to comply with section custodial property and effecting transfer; designation of initial custodian; control” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>553A-9(c) concerning possession and control;

(2) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under section 553A-9(a); or

(3) Death or incapacity of a person nominated under § 553A-3 or designated under section 553A-9 as custodian or the renunciation of the office by that person.

(b) A transfer made pursuant to section 553A-9 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 any 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 any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.

Chapter 553A Contents

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Hawaii Revised Statutes 553A-11 – Validity and effect of transfer

Terms Used In Hawaii Revised Statutes 553A-11

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