404.014. Present transfer of property, effect. - Missouri Statutes

Present transfer of property, effect.

404.014. A present transfer of property to a custodian fora minor, made by a transferor in the manner prescribed insubdivisions (1), (2), (3) and (5) of subsection 1 of section404.047, is irrevocable and indefeasibly vests ownership of theproperty in the minor subject to the custodianship provided insections 404.005 to 404.094 for the benefit of the minor, andneither the minor nor the minor's legal representative has anyright, power, duty or authority with respect to the custodialproperty except as prescribed in sections 404.005 to 404.094.

(L. 1985 S.B. 35, et al. § 2 subsec. 2)