§ 33A-3. Nomination of custodian. - North Carolina Statutes

§33A‑3.  Nomination of custodian.

(a)        A person having theright to designate the recipient of property transferable upon the occurrenceof a future event may revocably nominate a custodian to receive the propertyfor a minor beneficiary upon the occurrence of the event by naming thecustodian followed in substance by the words:  "as custodian for____________________ (name of minor) under the North Carolina Uniform Transfersto Minors Act."  The nomination may name one or more persons as substitutecustodians to whom the property must be transferred, in the order named, if thefirst nominated custodian dies before the transfer or is unable, declines, oris 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 abeneficiary of contractual rights which is registered with or delivered to thepayor, issuer, or other obligor of the contractual rights.

(b)        A custodiannominated under this section must be a person to whom a transfer of property ofthat kind may be made under G.S. 33A‑9(a).

(c)        The nomination of acustodian under this section does not create custodial property until thenominating instrument becomes irrevocable or a transfer to the nominatedcustodian is completed under G.S. 33A‑9.  Unless the nomination of acustodian has been revoked, upon the occurrence of the future event thecustodianship becomes effective and the custodian shall enforce a transfer ofthe custodial property pursuant to G.S. 33A‑9. (1987,c. 563, s. 2.)