38-1704. Nomination of custodian. - Kansas Statutes

38-1704

Chapter 38.--MINORS Article 17.--UNIFORM TRANSFERS TO MINORS ACT

      38-1704.   Nomination of custodian.(a) A person having the right todesignate the recipient of property transferable upon the occurrence of afuture event may revocably nominate a custodian to receive the property fora minor beneficiary upon the occurrence of the event by naming thecustodian followed in substance by the words: "as custodian for_____________(name of minor) under the Kansas uniform transfers to minorsact." The nomination may name one or more persons as substitute custodiansto whom the property must be transferred, in the order named, if the firstnominated custodian dies before the transfer or is unable, declines, or isineligible to serve. The nomination may be made in a will, a trust, a deed,an instrument exercising a power of appointment, or in a writingdesignating a beneficiary of contractual rights which is registered with ordelivered to the payor, issuer, or other obligor of the contractual rights.

      (b)   A custodian nominated under this section must be a person to whom atransfer of property of that kind may be made under subsection (a) ofK.S.A. 38-1710.

      (c)   The nomination of a custodian under this section does not createcustodial property until the nominating instrument becomes irrevocable or atransfer to the nominated custodian is completed under K.S.A. 38-1710. Unlessthe nomination of a custodian has been revoked, upon the occurrence of thefuture event the custodianship becomes effective and the custodian shallenforce a transfer of the custodial property pursuant to K.S.A. 38-1710.

      History:   L. 1985, ch. 143, § 3; July 1.