Sec. 12. Validity and Effect of Transfer.
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/il/chapter-760/act-20/12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 12. Validity and Effect of Transfer.
(a)The validity of a transfer made in a manner prescribed in this Act is not affected by:
(1)failure of the transferor to comply with Section 10(c) concerning possession and control;
(2)designation of an ineligible custodian; or
(3)death or incapacity of a person nominated under Section 4 or designated under Section 10 as custodian or the disclaimer of the office by that person.
(b)A transfer made pursuant to Section 10 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this Act, and neither the minor nor the minor's representative has any right, power, duty, or authority with respect to the custodial property except as provided in this Act.
(c)By making a transfer, the transferor incorporates in the disposition all the provisions of this Act and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this Act.