Kentucky Statutes 385.112 – Validity and effect of transfer
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(1) The validity of a transfer made in a manner prescribed in KRS § 385.032 to KRS § 385.222 is not affected by:
(a) Failure of the transferor to comply with KRS § 385.092(3) concerning possession and control;
(b) 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 KRS § 385.092(1); or
(c) Death or incapacity of a person nominated under KRS § 385.032 or designated under KRS § 385.092 as custodian or the disclaimer of the office by that person.
(2) A transfer made pursuant to KRS § 385.092 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 KRS § 385.032 to KRS § 385.222, 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 KRS § 385.032 to KRS § 385.222.
(3) By making a transfer, the transferor incorporates in the disposition all the provisions of KRS § 385.032 to KRS § 385.222 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 KRS § 385.032 to KRS § 385.222.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 11, effective July 15, 1986.
(a) Failure of the transferor to comply with KRS § 385.092(3) concerning possession and control;
(b) 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 KRS § 385.092(1); or
(c) Death or incapacity of a person nominated under KRS § 385.032 or designated under KRS § 385.092 as custodian or the disclaimer of the office by that person.
(2) A transfer made pursuant to KRS § 385.092 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 KRS § 385.032 to KRS § 385.222, 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 KRS § 385.032 to KRS § 385.222.
(3) By making a transfer, the transferor incorporates in the disposition all the provisions of KRS § 385.032 to KRS § 385.222 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 KRS § 385.032 to KRS § 385.222.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 11, effective July 15, 1986.