§ 18-7-12 - Validity and effect of transfer. - Rhode Island Statutes

SECTION 18-7-12

   § 18-7-12  Validity and effect of transfer.– (a) The validity of a transfer made in a manner prescribed in this chapter isnot affected by:

   (1) Failure of the transferor to comply with §18-7-10(c) concerning possession and control;

   (2) Designation of an ineligible custodian, exceptdesignation of the transferor in the case of property for which the transferoris ineligible to serve as custodian under § 18-7-10; or

   (3) Death or incapacity of a person nominated under §18-7-4 or designated under § 18-7-10 as custodian or the disclaimer of theoffice by that person.

   (b) A transfer made pursuant to § 18-7-10 isirrevocable, and the custodial property is indefeasibly vested in the minor,but the custodian has all the rights, powers, duties, and authority provided inthis chapter and neither the minor nor the minor's legal representative has anyright, power, duty, or authority with respect to the custodial property exceptas provided in this chapter.

   (c) By making a transfer, the transferor incorporates in thedisposition all the provisions of this chapter and grants to the custodian, andto any third person dealing with a person designated as custodian, therespective powers, rights, and immunities provided in this chapter.