75-5a-104 - Nomination of custodian. - Utah Statutes

75-5a-104. Nomination of custodian.
(1) (a) A person having the right to designate the recipient of property transferable uponthe occurrence of a future event may revocably nominate a custodian to receive the property for aminor beneficiary upon the occurrence of the event by naming the custodian followed insubstance by the words: "as custodian for ............... (name of minor) under the UniformTransfers to Minors Act."
(b) The nomination may name one or more persons as substitute custodians to whom theproperty must be transferred, in the order named, if the first nominated custodian dies before thetransfer or is unable, declines, or is ineligible to serve.
(c) The nomination may be made in a will, a trust, a deed, an instrument exercising apower of appointment, or in a writing designating a beneficiary of contractual rights which isregistered with or delivered to the payor, issuer, or other obligor of the contractual rights.
(2) A custodian nominated under this section must be a person to whom a transfer ofproperty of that kind may be made under Subsection 75-5a-110(1).
(3) The nomination of a custodian under this section does not create custodial propertyuntil the nominating instrument becomes irrevocable or a transfer to the nominated custodian iscompleted under Section 75-5a-110. Unless the nomination of a custodian has been revoked,upon the occurrence of the future event the custodianship becomes effective and the custodianshall enforce a transfer of the custodial property under Section 75-5a-110.

Enacted by Chapter 272, 1990 General Session