Utah Code 75A-8-119. Renunciation, resignation, death, or removal of custodian — Designation of successor custodian
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(1)
Terms Used In Utah Code 75A-8-119
- Adult: means an individual who is 21 years old or older. See Utah Code 75A-8-102
- Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Utah Code 75A-8-102
- Court: means a court with jurisdiction under Title 78A, Judiciary and Judicial Administration. See Utah Code 75A-8-102
- 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- Incapacitated: means the same as that term is defined in Section
75-1-201 . 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- Interested person: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Legal representative: means an individual's personal representative or conservator. See Utah Code 75A-8-102
- Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, corporation, organization as defined in Section
75-1-201 , or other legal entity. See Utah Code 75A-8-102- Petition: means the same as that term is defined in Section
75-1-201 . 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
- Trust: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Utah Code 75A-8-102
(1)(a) A person nominated under Section75A-8-104 or designated under Section75A-8-110 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor’s legal representative.(1)(b) If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under Section75A-8-104 , the person who made the nomination may nominate a substitute custodian under Section75A-8-104 ; otherwise the transferor or the transferor’s legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under Subsection75A-8-110 (1).(1)(c) The custodian designated has the rights of a successor custodian. - Custodian: means a person so designated under Section
(2)
(2)(a) A custodian at any time may designate a trust company or an adult other than a transferor under Section 75A-8-105 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor.
(2)(b) If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed.
(3) A custodian may resign at any time by delivering written notice to the minor if the minor is 14 years old or older and to the successor custodian and by delivering the custodial property to the successor custodian.
(4)
(4)(a)
(4)(a)(i) If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor is 14 years old or older, the minor may designate as successor custodian, in the manner prescribed in Subsection (2), an adult member of the minor’s family, a conservator of the minor, or a trust company.
(4)(a)(ii) If the minor is not yet 14 years old or fails to act within 60 days after the ineligibility, death, or incapacity, the conservator of the minor becomes successor custodian.
(4)(b) If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor’s family, or any other interested person may petition the court to designate a successor custodian.
(5)
(5)(a) A custodian who declines to serve under Subsection (1) or resigns under Subsection (3), or the legal representative of a deceased or incapacitated custodian shall as soon as practicable place the custodial property and records in the possession and control of the successor custodian.
(5)(b) The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
(6) A transferor, the legal representative of a transferor, an adult member of the minor’s family, a guardian of the person of the minor, the conservator of the minor, or the minor if the minor is 14 years old or older, may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under Section 75A-8-105 or to require the custodian to give appropriate bond.