(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 Tennessee Code 35-7-112

  • Custodial property: means :
    (A) Any interest in property transferred to a custodian under this chapter. See Tennessee Code 35-7-102
  • Custodian: means a person so designated, including a person designated as a joint custodian pursuant to §. See Tennessee Code 35-7-102
  • Legal representative: means an individual's personal representative, guardian or conservator. See Tennessee Code 35-7-102
  • Minor: means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age. See Tennessee Code 35-7-102
  • Person: means an individual, corporation, organization, or other legal entity. See Tennessee Code 35-7-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Transfer: means a transaction that creates custodial property under this chapter. See Tennessee Code 35-7-102
  • Transferor: means a person who makes a transfer under this chapter. See Tennessee Code 35-7-102
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) Failure of the transferor to comply with sections hereof 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 this chapter; or
(3) Death or incapacity of a person nominated or designated as custodian or the written disclaimer of the office by that person.
(b) A transfer made pursuant to this chapter 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.
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