(a) A person nominated under § 553A-3 or designated under section custodial property and effecting transfer; designation of initial custodian; control” class=”unlinked-ref” datatype=”S” sessionyear=”2022″ statecd=”HI”>553A-9 as custodian may decline to serve by delivering a valid renunciation pursuant to chapter 526 to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under § 553A-3, the person who made the nomination may nominate a substitute custodian under § 553A-3; otherwise the transferor or the transferor’s legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under section 553A-9(a). The custodian so designated has the rights of a successor custodian.
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Terms Used In Hawaii Revised Statutes 553A-18

  • Adult: means an individual who has attained the age of twenty-one years. See Hawaii Revised Statutes 553A-1
  • Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Hawaii Revised Statutes 553A-1
  • Court: means the circuit court of the State. See Hawaii Revised Statutes 553A-1
  • 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
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Hawaii Revised Statutes 553A-1
(b) A custodian at any time may designate a trust company or an adult other than a transferor under § 553A-4 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed.
(c) A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of fourteen years and to the successor custodian and by delivering the custodial property to the successor custodian.
(d) If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor has attained the age of fourteen years, the minor may designate as successor custodian, in the manner prescribed in subsection (b), an adult member of the minor’s family, a conservator of the minor, or a trust company. If the minor has not attained the age of fourteen years or fails to act within sixty days after the ineligibility, death, or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor’s family, or any other interested person may petition the court to designate a successor custodian.
(e) A custodian who declines to serve under subsection (a) or resigns under subsection (c), or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
(f) A transferor, the legal representative of a transferor, an adult member of the minor’s family, a guardian of the minor, the conservator of the minor, or the minor if the minor has attained the age of fourteen years may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under § 553A-4 or to require the custodian to give appropriate bond.

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