§ 21-311. Validity and effect of transfer.

Current through October 23, 2012

(a) The validity of a transfer made in a manner prescribed in this act is not affected by the following:

(1) Failure of the transferor to comply with section 21-309(c) concerning possession and control;

(2) Designation of an ineligible custodian, except designation of the transferor in the case of property, over which the transferor is ineligible to serve as custodian under section 21-309(a); or

(3) Death or incapacity of a person nominated under section 21-303 or designated under section 21-309 as custodian or the disclaimer of the office by that person.

(b) A transfer made pursuant to section 21-309 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, the powers, the duties, and the 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 the provisions of this chapter and grants to the custodian, and to a third person dealing with a person designated custodian, the respective powers, rights, and immunities provided in this chapter.

                
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(Mar. 12, 1986, D.C. Law 6-87, § 2(a), 33 DCR 278.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 21-311.

Legislative History of Laws

For legislative history of D.C. Law 6-87, see Historical and Statutory Notes following § 21-301.

References in Text

"This act," referred to in the introductory language of subsection (a) of this section, is the District of Columbia Uniform Transfers to Minors Act, D.C. Law 6-87 which is codified primarily as § 21-301 et seq.

Uniform Law

This section is based upon § 11 of the Uniform Transfers to Minors Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.