(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 section 527.29, paragraph (c), 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 section 527.29, paragraph (a); or
(3) death or incapacity of a person nominated under section 527.23 or designated under section 527.29 as custodian or the disclaimer of the office by that person.
(b) A transfer made pursuant to section 527.29 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 any 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.
1985 c 221 s 11
Structure Minnesota Statutes
Chapters 524 - 532 — Probate; Property; Estates; Guardianships; Anatomical Gifts
Chapter 527 — Uniform Transfers To Minors Act
Section 527.22 — Scope And Jurisdiction.
Section 527.23 — Nomination Of Custodian.
Section 527.24 — Transfer By Gift Or Exercise Of Power Of Appointment.
Section 527.25 — Transfer Authorized By Will Or Trust.
Section 527.26 — Other Transfer By Fiduciary.
Section 527.27 — Transfer By Obligor.
Section 527.28 — Receipt For Custodial Property.
Section 527.30 — Single Custodianship.
Section 527.31 — Validity And Effect Of Transfer.
Section 527.32 — Care Of Custodial Property.
Section 527.33 — Powers Of Custodian.
Section 527.34 — Use Of Custodial Property.
Section 527.35 — Custodian's Expenses, Compensation, And Bond.
Section 527.36 — Exemption Of Third Person From Liability.
Section 527.37 — Liability To Third Persons.
Section 527.39 — Accounting By And Determination Of Liability Of Custodian.
Section 527.40 — Transfer Upon Termination Of Custodianship.
Section 527.405 — Conveyance By Custodian.
Section 527.41 — Applicability.
Section 527.42 — Effect On Existing Custodianships.