§ 33A-11. Validity and effect of transfer. - North Carolina Statutes

§33A‑11.  Validity and effect of transfer.

(a)        The validity of atransfer made in a manner prescribed in this Chapter is not affected by:

(1)        Failure of thetransferor to comply with G.S. 33A‑9(c) concerning control;

(2)        Designation of anineligible custodian, except designation of the transferor in the case ofproperty for which the transferor is ineligible to serve as custodian underG.S. 33A‑9(a);

(3)        Death or incapacityof a person nominated under G.S. 33A‑3 or designated under G.S. 33A‑9as custodian or the disclaimer of the office by that person; or

(4)        The use of anabbreviation in referring to this Chapter or the equivalent act of anotherstate.

(b)        A transfer madepursuant to G.S. 33A‑9 is irrevocable, and the custodial property isindefeasibly vested in the minor, but the custodian has all the rights, powers,duties, and authority provided in this Chapter, and neither the minor nor theminor's legal representative has any right, power, duty, or authority withrespect to the custodial property except as provided in this Chapter.

(c)        By making atransfer, the transferor incorporates in the disposition all the provisions ofthis Chapter and grants to the custodian, and to any third person dealing witha person designated as custodian, the respective powers, rights, and immunitiesprovided in this Chapter. (1987, c. 563, s. 2.)