Virginia Code 64.2-1910: Validity and effect of transfer
A. The validity of a transfer made in a manner prescribed in this chapter is not affected by:
Terms Used In Virginia Code 64.2-1910
- 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 Virginia Code 64.2-1900
- Custodian: means a person so designated under § Virginia Code 64.2-1900
- Legal representative: means an individual's personal representative or conservator. See Virginia Code 64.2-1900
- Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
- Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
- Transfer: means a transaction that creates custodial property under § Virginia Code 64.2-1900
- Transferor: means a person who makes a transfer under this chapter. See Virginia Code 64.2-1900
1. Failure of the transferor to comply with subsection C of § 64.2-1908 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 subsection A of § 64.2-1908; or
3. Death or incapacity of a person nominated under § 64.2-1902 or designated under § 64.2-1908 as custodian or the disclaimer of the office by that person.
B. A transfer made pursuant to § 64.2-1908 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.
1988, c. 516, § 31-47; 2012, c. 614.