Idaho Code 68-811 – Validity and Effect of Transfer
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(1) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(a) Failure of the transferor to comply with section 68-809(3), Idaho Code, concerning possession and control;
(b) 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 68-809(1), Idaho Code; or
(c) Death or incapacity of a person nominated under section 68-803, Idaho Code, or designated under section 68-809, Idaho Code, as custodian or the disclaimer of the office by that person.
(2) A transfer made pursuant to section 68-809, Idaho Code, 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.
Terms Used In Idaho Code 68-811
- Custodial property: means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property. See Idaho Code 68-801
- Custodian: means a person so designated under section 68-809, Idaho Code, or a successor or substitute custodian designated under section 68-818, Idaho Code. See Idaho Code 68-801
- Legal representative: means an individual’s personal representative or conservator. See Idaho Code 68-801
- Minor: means an individual who has not attained the age of twenty-one (21) years. See Idaho Code 68-801
- Person: means an individual, corporation, organization, or other legal entity. See Idaho Code 68-801
- Property: includes both real and personal property. See Idaho Code 73-114
- Transfer: means a transaction that creates custodial property under section 68-809, Idaho Code. See Idaho Code 68-801
- Transferor: means a person who makes a transfer under this chapter. See Idaho Code 68-801
(c)[(3)] 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.