§ 3221.
227 words·~1 min read·
/vt/title-14/chapter-115/3221A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3221. Validity and effect of transfer
(a)The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(1)failure of the transferor to comply with subsection 3219(c) of this title concerning possession and control;
(2)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 subsection 3219(a) of this title; or
(3)death or incapacity of a person nominated under section 3213 of this title or designated under section 3219 of this title as custodian or the disclaimer of the office by that person.
(b)A transfer made pursuant to section 3219 of this title 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 chapter, and the minor, the minor’s legal representative, and the minor’s financial guardian have no right, power, duty, or authority with respect to the custodial property except as provided in this chapter.
(c)By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter, 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 chapter. (Added 2015, No. 7, § 1.)