Montana Code 72-26-609. Validity and effect of transfer
72-26-609. Validity and effect of transfer. (1) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
Terms Used In Montana Code 72-26-609
- Custodial property: means :
(a)any interest in property transferred to a custodian under this chapter; and
(b)the income from and proceeds of that interest in property. See Montana Code 72-26-502
- Custodian: means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801. See Montana Code 72-26-502
- Legal representative: means an individual's personal representative or conservator. See Montana Code 72-26-502
- Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
- Person: means an individual, corporation, organization, or other legal entity. See Montana Code 72-26-502
- Property: means real and personal property. See Montana Code 1-1-205
- Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502
- Transferor: means a person who makes a transfer under this chapter. See Montana Code 72-26-502
(a)failure of the transferor to comply with 72-26-603(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 72-26-603(1); or
(c)death or incapacity of a person nominated under 72-26-601 or designated under 72-26-603 as custodian or the disclaimer of the office by that person.
(2)A transfer made pursuant to 72-26-603 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.
(3)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.