404.035. Qualifications of custodians--transfers to persons not qualified, effect. - Missouri Statutes

Qualifications of custodians--transfers to persons not qualified,effect.

404.035. An adult person or financial institution shallnot be qualified to be designated custodian for property of aminor who is a resident of this state if the person or financialinstitution is not qualified to be appointed conservator of theestate of the minor under subsection 2 of section 475.055, RSMo,or if the financial institution is not legally authorized to dobusiness in this state. A transfer of property to a person notqualified to act as custodian for the minor under sections404.005 to 404.094 subjects the person to removal as custodianunder subsection 11 of section 404.057, but does not affect theminor's ownership of the property and the immunities of thirdpersons dealing with the custodian, nor relieve the unqualifiedperson of any duties or responsibilities imposed on custodiansunder sections 404.005 to 404.094.

(L. 1985 S.B. 35, et al. § 3 subsecs. 6, 7, A.L. 1989 H.B. 145)