North Carolina General Statutes 33A-11. Validity and effect of transfer
(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 N.C. Gen. Stat. § 33A-9(c) concerning control;
Terms Used In North Carolina General Statutes 33A-11
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(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 N.C. Gen. Stat. § 33A-9(a);
(3) Death or incapacity of a person nominated under N.C. Gen. Stat. § 33A-3 or designated under N.C. Gen. Stat. § 33A-9 as custodian or the disclaimer of the office by that person; or
(4) The use of an abbreviation in referring to this Chapter or the equivalent act of another state.
(b) A transfer made pursuant to N.C. Gen. Stat. § 33A-9 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. (1987, c. 563, s. 2.)