Louisiana Revised Statutes 9:761 – Validity and effect of transfer
Terms Used In Louisiana Revised Statutes 9:761
- Custodial property: means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property. See Louisiana Revised Statutes 9:751
- Custodian: means a person so designated under La. See Louisiana Revised Statutes 9:751
- Legal representative: means an individual's personal representative or tutor. See Louisiana Revised Statutes 9:751
- Minor: means an individual who has not attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Person: means an individual, corporation, organization, or other legal entity. See Louisiana Revised Statutes 9:751
- Transfer: means a transaction that creates custodial property under La. See Louisiana Revised Statutes 9:751
- Transferor: means a person who makes a transfer under this Subpart. See Louisiana Revised Statutes 9:751
A. The validity of a transfer made in a manner prescribed in this Subpart is not affected by any of the following:
(1) Failure of the transferor to comply with La. Rev. Stat. 9:759(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 La. Rev. Stat. 9:759(A).
(3) Death or incapacity of a person nominated under La. Rev. Stat. 9:753 or designated under La. Rev. Stat. 9:759 as custodian or the disclaimer of the office by that person.
B. A transfer made pursuant to La. Rev. Stat. 9:759 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided by this Subpart, 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 Subpart.
C. By making a transfer, the transferor incorporates in the disposition all the provisions of this Subpart 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 Subpart.
Acts 1987, No. 469, §1, eff. Jan. 1, 1988.