Louisiana Revised Statutes 9:768 – Renunciation, resignation, death, or removal of custodian; designation of successor custodian
Terms Used In Louisiana Revised Statutes 9:768
- Adult: means an individual who has attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Court: means a court of competent jurisdiction in the parish of the domicile of the minor. See Louisiana Revised Statutes 9:751
- Custodial property: means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property. See Louisiana Revised Statutes 9:751
- Custodian: means a person so designated under Louisiana Revised Statutes 9:751
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Legal representative: means an individual's personal representative or tutor. See Louisiana Revised Statutes 9:751
- Minor: means an individual who has not attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, corporation, organization, or other legal entity. See Louisiana Revised Statutes 9:751
- Transfer: means a transaction that creates custodial property under Louisiana Revised Statutes 9:751
- Transferor: means a person who makes a transfer under this Subpart. See Louisiana Revised Statutes 9:751
- Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Louisiana Revised Statutes 9:751
- Tutor: means a person appointed or qualified by a court to act as guardian of a minor's property or a person legally authorized to perform substantially the same functions, including but not limited to a curator. See Louisiana Revised Statutes 9:751
A. A person nominated under La. Rev. Stat. 9:753 or designated under La. Rev. Stat. 9:759 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under La. Rev. Stat. 9:753, the person who made the nomination may nominate a substitute custodian under La. Rev. Stat. 9:753; otherwise the transferor or the transferor’s legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under La. Rev. Stat. 9:759(A). The custodian so designated has the rights of a successor custodian.
B. A custodian at any time may designate a trust company or an adult other than a transferor under La. Rev. Stat. 9:754 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain, or is not accompanied by, the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed.
C. A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of fourteen years and to the successor custodian and by delivering the custodial property to the successor custodian.
D. If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor has attained the age of fourteen years, the minor may designate as successor custodian, in the manner prescribed in Subsection B of this Section, an adult member of the minor’s family, a tutor of the minor, or a trust company. If the minor has not attained the age of fourteen years or fails to act within sixty days after the ineligibility, death, or incapacity, the tutor of the minor becomes successor custodian. If the minor has no tutor or the tutor declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor’s family, or any other interested person may petition the court to designate a successor custodian.
E. A custodian who declines to serve under Subsection A of this Section or resigns under Subsection C of this Section, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
F. A transferor, the legal representative of a transferor, an adult member of the minor’s family, a guardian of the person of the minor, the tutor of the minor, or the minor, if the minor has attained the age of fourteen years, may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under La. Rev. Stat. 9:754 or to require the custodian to give appropriate bond.
Acts 1987, No. 469, §1, eff. Jan. 1, 1988.