§ 9-26-211 - Validity and effect of transfer. - Arkansas Statutes

9-26-211. Validity and effect of transfer.

(a) The validity of a transfer made in a manner prescribed in this subchapter shall not be affected by:

(1) failure of the transferor to comply with 9-26-209(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 9-26-209(a); or

(3) death or incapacity of a person nominated under 9-26-203 or designated under 9-26-209 as custodian or the disclaimer of the office by that person.

(b) A transfer made pursuant to 9-26-209 shall be irrevocable, and the custodial property shall be indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this subchapter, and neither the minor nor the minor's legal representative shall have any right, power, duty, or authority with respect to the custodial property except as provided in this subchapter.

(c) By making a transfer, the transferor shall incorporate in the disposition all the provisions of this subchapter and shall grant to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this subchapter.