§ 18-7-19 - Renunciation, resignation, death, or removal of custodian – Designation of successor custodian. - Rhode Island Statutes

SECTION 18-7-19

   § 18-7-19  Renunciation, resignation,death, or removal of custodian – Designation of successor custodian.– (a) A person nominated under § 18-7-4 or designated under § 18-7-10as custodian may decline to serve by delivering a disclaimer to the person whomade the nomination or to the transferor or the transferor's legalrepresentative. If the event giving rise to a transfer has not occurred and nosubstitute custodian able, willing, and eligible to serve was nominated under§ 18-7-4, the person who made the nomination may nominate a substitutecustodian under § 18-7-4; otherwise, the transferor or the transferor'slegal representative shall designate a substitute custodian at the time of thetransfer, in either case from among the persons eligible to serve as custodianfor that kind of property under § 18-7-10(a). The designated custodian hasthe rights of a successor custodian.

   (b) A custodian at any time may designate a trust company oran adult other than a transferor under § 18-7-5 as successor custodian byexecuting and dating an instrument of designation before a subscribing witnessother than the successor. If the instrument of designation does not contain oris not accompanied by the resignation of the custodian, the designation of thesuccessor does not take effect until the custodian resigns, dies, becomesincapacitated, or is removed.

   (c) A custodian may resign at any time by delivering writtennotice to the minor if the minor has attained the age of fourteen (14) yearsand to the successor custodian, and by delivering the custodial property to thesuccessor custodian.

   (d) If a custodian is ineligible, dies, or becomesincapacitated without having effectively designated a successor and the minorhas attained the age of fourteen (14) years, the minor may designate assuccessor custodian, in the manner prescribed in subsection (b) of thissection, an adult member of the minor's family, a guardian of the minor, or atrust company. If the minor has not attained the age of fourteen (14) years orfails to act within sixty (60) days after the ineligibility, death, orincapacity, the guardian of the minor becomes successor custodian. If the minorhas no guardian or the guardian declines to act, the transferor, the legalrepresentative of the transferor or of the custodian, an adult member of theminor's family, or any other interested person may petition the court todesignate a successor custodian.

   (e) A custodian who declines to serve under subsection (a) ofthis section or resigns under subsection (c) of this section, or the legalrepresentative of a deceased or incapacitated custodian, as soon aspracticable, shall put the custodial property and records in the possession andcontrol of the successor custodian. The successor custodian by action mayenforce the obligation to deliver custodial property and records and becomesresponsible for each item as received.

   (f) A transferor, the legal representative of a transferor,an adult member of the minor's family, a guardian of the person or the estateof the minor, or the minor if the minor has attained the age of fourteen (14)years may petition the court to remove the custodian for cause and to designatea successor custodian other than a transferor under § 18-7-5 or to requirethe custodian to give appropriate bond.