385.182 Renunciation, resignation, death or removal of custodian -- Designation of
537 words·~2 min read·
/ky/385-182A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
successor custodian.
(1)A person nominated under KRS 385.032 or designated under KRS 385.092 as
custodian may decline to serve by delivering a valid disclaimer to the person who
made the nomination or to the transferor or the transferor's legal representative. If
the event giving rise to a transfer has not occurred and no substitute custodian able,
willing, and eligible to serve was nominated under KRS 385.032, the person who
made the nomination may nominate a substitute custodian under KRS 385.032;
otherwise the transferor or the transferor's legal representative shall designate a
substitute custodian at the time of the transfer, in either case from among the
persons eligible to serve as custodian for that kind of property under KRS
385.092(1). The custodian so designated has the rights of a successor custodian.
(2)A custodian at any time may designate a trust company or an adult other than a
transferor under KRS 385.042 as successor custodian by executing and dating an
instrument of designation before a subscribing witness other than the successor. If
the instrument of designation does not contain or is not accompanied by the
resignation of the custodian, the designation of the successor does not take effect
until the custodian resigns, dies, becomes incapacitated, or is removed.
(3)A custodian may resign at any time by delivering written notice to the minor if the
minor has attained the age of fourteen
(14)years and to the successor custodian and
by delivering the custodial property to the successor custodian.
(4)If a custodian is ineligible, dies, or becomes incapacitated without having
effectively designated a successor and the minor has attained the age of fourteen
(14)years, the minor may designate as successor custodian, in the manner
prescribed in subsection
(2)of this section, an adult member of the minor's family, a
conservator of the minor, or a trust company. If the minor has not attained the age
of fourteen
(14)years or fails to act within sixty
(60)days after the ineligibility,
death, or incapacity, the conservator of the minor becomes successor custodian. If
the minor has no conservator or the conservator declines to act, the transferor, the
legal representative of the transferor or of the custodian, an adult member of the
minor's family, or any other interested person may petition the court to designate a
successor custodian.
(5)A custodian who declines to serve under subsection
(1)of this section or resigns
under subsection
(3)of this section, or the legal representative of a deceased or
incapacitated custodian, as soon as practicable, shall put the custodial property and
records in the possession and control of the successor custodian. The successor
custodian by action may enforce the obligation to deliver custodial property and
records and becomes responsible for each item as received.
(6)A transferor, the legal representative of a transferor, an adult member of the minor's
family, a guardian of the person of the minor, the conservator of 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 designate a successor custodian other than
a transferor under KRS 385.042 or to require the custodian to give appropriate
bond.