2013 Kentucky Revised Statutes CHAPTER 385 - UNIFORM TRANSFERS TO MINORS ACT 385.182 Renunciation, resignation, death or removal of custodian -- Designation of successor custodian.
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385.182 Renunciation, resignation, death or removal of custodian -Designation of successor custodian.
(1)
(2)
(3)
(4)
(5)
(6)
A person nominated under KRS 385.032 or designated under KRS 385.092 as
custodian may decline to serve by delivering a valid disclaimer 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
KRS 385.032, the person who made the nomination may nominate a substitute
custodian under KRS 385.032; 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 KRS 385.092(1). The custodian so designated has the
rights of a successor custodian.
A custodian at any time may designate a trust company or an adult other than
a transferor under KRS 385.042 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.
A custodian may resign at any time by delivering written notice to the minor if
the minor has attained the age of fourteen (14) years and to the successor
custodian and by delivering the custodial property to the successor custodian.
If a custodian is ineligible, dies, or becomes incapacitated without having
effectively designated a successor and the minor has attained the age of
fourteen (14) years, the minor may designate as successor custodian, in the
manner prescribed in subsection (2) of this section, 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 (14) years or fails to act within sixty (60) 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.
A custodian who declines to serve under subsection (1) of this section or
resigns under subsection (3) of this section, 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.
A transferor, the legal representative of a transferor, an adult member of the
minor's family, a guardian of the person of the minor, the conservator of the
minor, or the minor if the minor has attained the age of fourteen (14) years may
petition the court to remove the custodian for cause and to designate a
successor custodian other than a transferor under KRS 385.042 or to require
the custodian to give appropriate bond.
Effective:July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 18, effective July 15, 1986.
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