Sec. 26. (a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(1) the failure of the transferor to comply with section 24(c) of this chapter concerning possession and control;
(2) the 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 section 24(a) of this chapter; or
(3) the death or incapacity of a person nominated under section 18 of this chapter or designated under section 24 of this chapter as custodian or the disclaimer of the office by that person.
(b) A transfer made under section 24 of this chapter 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 neither the minor nor the minor's legal representative has a 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 a third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.
As added by P.L.267-1989, SEC.2.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Chapter 8.5. Indiana Uniform Transfers to Minors Act
30-2-8.5-2. "Benefit Plan" Defined
30-2-8.5-4. "Custodial Property" Defined
30-2-8.5-5. "Custodian" Defined
30-2-8.5-6. "Financial Institution" Defined
30-2-8.5-7. "Guardian" Defined
30-2-8.5-8. "Legal Representative" Defined
30-2-8.5-9. "Members of the Minor's Family" Defined
30-2-8.5-12. "Personal Representative" Defined
30-2-8.5-14. "Transfer" Defined
30-2-8.5-15. "Transferor" Defined
30-2-8.5-16. "Trust Company" Defined
30-2-8.5-17. Scope and Jurisdiction
30-2-8.5-18. Nomination of Custodian
30-2-8.5-19. Transfer by Gift or Exercise of Power of Appointment
30-2-8.5-20. Transfer Authorized by Will or Trust; Designation of Custodian
30-2-8.5-21. Other Transfers by Fiduciary; Guardian as Custodian
30-2-8.5-22. Transfer by Obligor
30-2-8.5-23. Receipt for Custodial Property
30-2-8.5-25. Single Custodianship
30-2-8.5-26. Validity and Effect of Transfer
30-2-8.5-27. Care of Custodial Property
30-2-8.5-28. Powers of Custodian
30-2-8.5-29. Use of Custodial Property; Transfer of Property to Trust
30-2-8.5-30. Custodian's Expenses, Compensation, and Bond
30-2-8.5-31. Exemption of Third Person From Liability
30-2-8.5-32. Liability to Third Person
30-2-8.5-34. Accounting by and Determination of Liability of Custodian
30-2-8.5-35. Termination of Custodianship
30-2-8.5-37. Effect on Existing Custodianships