New Jersey Statutes 46:38A-43. Designation of successor custodian by custodian
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Terms Used In New Jersey Statutes 46:38A-43
- Adult: means an individual who has attained the age of 21 years. See New Jersey Statutes 46:38A-2
- Custodian: means a person so designated under R. See New Jersey Statutes 46:38A-2
- Transferor: means a person who makes a transfer under this chapter. See New Jersey Statutes 46:38A-2
- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See New Jersey Statutes 46:38A-2
A custodian may, at any time, designate a trust company or an adult other than a transferor under R.S. 46:38A-8 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 resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed.
L. 1987, c. 18, s. 1.