Utah Code 75A-8-112. Validity and effect of transfer
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(1) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
Terms Used In Utah Code 75A-8-112
- Custodial property: means :(7)(a) any interest in property transferred to a custodian under this chapter; and(7)(b) the income from and proceeds of that interest in property. See Utah Code 75A-8-102
- Custodian: means a person so designated under Section
75A-8-110 or a successor or substitute custodian designated under Section75A-8-119 . See Utah Code 75A-8-102- Incapacity: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
- Person: means an individual, corporation, organization as defined in Section
75-1-201 , or other legal entity. See Utah Code 75A-8-102- Property: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Transfer: means a transaction that creates custodial property under Section
75A-8-109 . See Utah Code 75A-8-102- Transferor: means a person who makes a transfer under this chapter. See Utah Code 75A-8-102
(1)(a) failure of the transferor to comply with Subsection75A-8-110 (3) concerning possession and control;(1)(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 Subsection75A-8-110 (1); or(1)(c) death or incapacity of a person nominated under Section75A-8-104 or designated under Section75A-8-110 as custodian or the disclaimer of the office by that person. - Custodian: means a person so designated under Section
(2)
(2)(a) A transfer made under Section 75A-8-110 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.
(2)(b) A minor, or a minor’s representative, does not have any right, power, duty, or authority regarding 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.