New Jersey Statutes 46:38A-7. When custodianship becomes effective under revocable nomination of custodian
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 46:38A-7
- Custodial property: means any interest in property transferred to a custodian under this chapter and the income from and proceeds of that interest in property. See New Jersey Statutes 46:38A-2
- Custodian: means a person so designated under R. See New Jersey Statutes 46:38A-2
- Transfer: means a transaction that creates custodial property under R. See New Jersey Statutes 46:38A-2
The nomination of a custodian under R.S. 46:38A-6 does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under R.S. 46:38A-19 Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to R.S. 46:38A-19
L. 1987, c. 18, s. 1.