New Jersey Statutes 46:38A-24. Transfer deemed irrevocable and vested in minor subject to rights, powers, duties and authority of custodian
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Terms Used In New Jersey Statutes 46:38A-24
- 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
- Legal representative: means an individual's personal representative or guardian. See New Jersey Statutes 46:38A-2
- Minor: means an individual who has not attained the age of 21 years. See New Jersey Statutes 46:38A-2
- Transfer: means a transaction that creates custodial property under R. See New Jersey Statutes 46:38A-2
A transfer made pursuant to R.S. 46:38A-19 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.
L. 1987, c. 18, s. 1.