Rhode Island General Laws 18-7-12. Validity and effect of transfer
(a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(1) Failure of the transferor to comply with § 18-7-10(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 under § 18-7-10; or
(3) Death or incapacity of a person nominated under § 18-7-4 or designated under § 18-7-10 as custodian or the disclaimer of the office by that person.
Terms Used In Rhode Island General Laws 18-7-12
- Custodial property: means :
(i) Any interest in property transferred to a custodian under this chapter; and
(ii) The income from and proceeds of that interest in property. See Rhode Island General Laws 18-7-2
- Custodian: means a person designated under § 18-7-10 or a successor or substitute custodian designated under § 18-7-19. See Rhode Island General Laws 18-7-2
- Legal representative: means an individual's personal representative or conservator. See Rhode Island General Laws 18-7-2
- Minor: means an individual who has not attained the age of twenty-one (21) years. See Rhode Island General Laws 18-7-2
- Person: means an individual, corporation, organization, or other legal entity. See Rhode Island General Laws 18-7-2
- Transfer: means a transaction that creates custodial property under § 18-7-10. See Rhode Island General Laws 18-7-2
- Transferor: means a person who makes a transfer under this chapter. See Rhode Island General Laws 18-7-2
(b) A transfer made pursuant to § 18-7-10 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.
(c) 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.
History of Section.
P.L. 1985, ch. 389, § 2.