91-20-11 - Transfer to custodian by personal representative or trustee as authorized by will or trust; designation of custodian by personal representative or trustee. - Mississippi Statutes

§ 91-20-11. Transfer to custodian by personal representative or trustee as authorized by will or trust; designation of custodian by personal representative or trustee.
 

(1)  A personal representative or trustee may make an irrevocable transfer pursuant to Section 91-20-19 to a custodian for the benefit of a minor as authorized in the governing will or trust. 

(2)  If the testator or settlor has nominated a custodian under Section 91-20-7 to receive the custodial property, the transfer must be made to that person. 

(3)  If the testator or settlor has not nominated a custodian under Section 91-20-7, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under Section 91-20-19(1). 
 

Sources: Laws,  1994, ch. 416, § 6, eff from and after January 1, 1995.