46:38A-6 - Revocable nomination of custodian based upon happening of future event - New Jersey Statutes

46:38A-6.    Revocable nomination of custodian based upon happening of future event
    A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words:  "as custodian for ....................... (name of minor) under the New Jersey Uniform Transfers to Minors Act."  The nomination may name one or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve.  The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.  A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under R.S. 46:38A-19.

   L. 1987, c. 18, s. 1.