(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: "as custodian for ________ (name of minor) under the Alabama Uniform Transfers to Minors Act." The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.
(b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under Section 35-5A-10(a).
(c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under Section 35-5A-10. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to Section 35-5A-10.
Structure Code of Alabama
Chapter 5A - Uniform Transfers to Minors Act.
Section 35-5A-1 - Short Title.
Section 35-5A-2 - Definitions.
Section 35-5A-4 - Nomination of Custodian.
Section 35-5A-5 - Transfer by Gift or Exercise of Power of Appointment.
Section 35-5A-6 - Transfer by Will or Trust.
Section 35-5A-7 - Other Transfer by Fiduciary.
Section 35-5A-8 - Transfer by Obligor.
Section 35-5A-9 - Receipt and Discharge for Transfer of Custodial Property.
Section 35-5A-11 - Transfer to Be for One Minor; Only One Custodian; Single Custodianship.
Section 35-5A-13 - Powers and Duties of Custodian as to Custodial Property Generally.
Section 35-5A-14 - Custodian Has Rights and Powers That Unmarried Adult Would Have as to Property.
Section 35-5A-15 - Delivery, Payment, or Expenditure of Custodial Property for Benefit of Minor.
Section 35-5A-16 - Custodian's Expenses, Compensation, and Bond.
Section 35-5A-17 - Exemption of Third Person From Liability for Good Faith Dealings With Custodian.
Section 35-5A-18 - Claims Against Custodial Property; Personal Liability of Custodian and Minor.
Section 35-5A-20 - Accounting by and Determining of Liability of Custodian.
Section 35-5A-22 - Applicability of Chapter.
Section 35-5A-24 - Uniformity of Application and Construction.