385.112 Validity and effect of transfer.

206 words·~1 min read·/ky/chapter-385/385-112

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The validity of a transfer made in a manner prescribed in KRS 385.032 to 385.222

is not affected by:

(a)Failure of the transferor to comply with KRS 385.092(3) concerning

possession and control;

(b)Designation of an ineligible custodian, except designation of the transferor in

the case of property for which the transferor is ineligible to serve as custodian

under KRS 385.092(1); or

(c)Death or incapacity of a person nominated under KRS 385.032 or designated

under KRS 385.092 as custodian or the disclaimer of the office by that person.

(2)A transfer made pursuant to KRS 385.092 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 KRS 385.032 to 385.222, and neither the minor

nor the minor's legal representative has any right, power, duty, or authority with

respect to the custodial property except as provided in KRS 385.032 to 385.222.

(3)By making a transfer, the transferor incorporates in the disposition all the provisions

of KRS 385.032 to 385.222 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 KRS 385.032 to 385.222.