Texas Statutes
Chapter 141 - Transfers to Minors
Section 141.012. Validity and Effect of Transfer

Sec. 141.012. VALIDITY AND EFFECT OF TRANSFER. (a) The validity of a transfer made in a manner prescribed by this chapter is not affected by the:
(1) transferor's failure to comply with Section 141.010(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 141.010(a); or
(3) death or incapacity of a person nominated under Section 141.004 or designated under Section 141.010 as custodian or the disclaimer of the office by that person.
(b) A transfer made under Section 141.010 is irrevocable, and the custodial property is indefeasibly vested in the minor. The custodian has all the rights, powers, duties, and authority provided in this chapter, and the minor or the minor's legal representative does not have any right, power, duty, or authority with respect to the custodial property except as provided by this chapter.
(c) By making a transfer, the transferor incorporates all the provisions of this chapter in the disposition and grants to the custodian, or to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided by this chapter.
Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 12 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.

Structure Texas Statutes

Texas Statutes

Property Code

Title 10 - Miscellaneous Beneficial Property Interests

Subtitle A - Persons Under Disability

Chapter 141 - Transfers to Minors

Section 141.001. Short Title

Section 141.002. Definitions

Section 141.003. Scope and Jurisdiction

Section 141.004. Nomination of Custodian

Section 141.005. Transfer by Gift or Exercise of Power of Appointment

Section 141.006. Transfer Authorized by Will or Trust

Section 141.007. Other Transfer by Fiduciary

Section 141.008. Transfer by Obligor

Section 141.009. Receipt for Custodial Property

Section 141.010. Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control

Section 141.011. Single Custodianship

Section 141.012. Validity and Effect of Transfer

Section 141.013. Care of Custodial Property

Section 141.014. Powers of Custodian

Section 141.015. Use of Custodial Property

Section 141.016. Custodian's Expenses, Compensation, and Bond

Section 141.017. Exemption of Third Person From Liability

Section 141.018. Liability to Third Person

Section 141.019. Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian

Section 141.020. Accounting by and Determination of Liability

Section 141.021. Termination of Custodianship

Section 141.022. Applicability

Section 141.023. Effect on Existing Custodianships

Section 141.024. Uniformity of Application and Construction

Section 141.025. Additional Transfers to Custodianships in Existence Before Effective Date of Act