31-47 - Validity and effect of transfer. - Virginia Statutes

§ 31-47. 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 subsection C of § 31-45concerning possession and control;

2. Designation of an ineligible custodian, except designation of thetransferor in the case of property for which the transferor is ineligible toserve as custodian under subsection A of § 31-45; or

3. Death or incapacity of a person nominated under § 31-39 or designatedunder § 31-45 as custodian or the disclaimer of the office by that person.

B. A transfer made pursuant to § 31-45 is irrevocable, and the custodialproperty is indefeasibly vested in the minor, but the custodian has all therights, powers, duties, and authority provided in this chapter and neitherthe minor nor the minor's legal representative has any right, power, duty, orauthority with respect to the custodial property except as provided in thischapter.

C. By making a transfer, the transferor incorporates in the disposition allthe provisions of this chapter and grants to the custodian, and to any thirdperson dealing with a person designated as custodian, the respective powers,rights, and immunities provided in this chapter.

(1988, c. 516.)