Arizona Laws 14-7661. Validity and effect of transfer
A. The validity of a transfer made in a manner prescribed in this article is not affected by any of the following:
Terms Used In Arizona Laws 14-7661
- Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
- Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
- Legal representative: means an individual's personal representative or conservator. See Arizona Laws 14-7651
- Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
- Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
- Property: includes both real and personal property. See Arizona Laws 1-215
- Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
- Transferor: means a person who makes a transfer pursuant to this article. See Arizona Laws 14-7651
1. Failure of the transferor to comply with section 14-7659, subsection 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 pursuant to section 14-7659, subsection A.
3. Death or incapacity of a person nominated pursuant to section 14-7653 or designated under section 14-7659 as custodian or the disclaimer of the office by that person.
B. A transfer made pursuant to section 14-7659 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 article, 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 article.
C. By making a transfer, the transferor incorporates in the disposition all the provisions of this article 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 article.