TITLE 18

Fiduciaries

CHAPTER 18-7

Uniform Transfers to Minors Act

SECTION 18-7-4



   § 18-7-4  Nomination of custodian. –

(a) A person having the right to designate the recipient of property

transferable upon the occurrence of a future event may revocably nominate a

custodian to receive the property for a minor beneficiary upon the occurrence

of the event by naming the custodian followed in substance by the words: "as

custodian for ]]]]]]]] (name of minor) under the Rhode Island Uniform Transfers

to Minors Act, chapter 7 of title 18." The nomination may name one or more

persons as substitute custodians to whom the property must be transferred, in

the order named, if the first nominated custodian dies before the transfer or

is unable, declines, or is ineligible to serve. The nomination may be made in a

will, a trust, a deed, an instrument exercising a power of appointment, or in a

writing designating a beneficiary of contractual rights which is registered

with or delivered to the payor, issuer, or other obligor of the contractual

rights.



   (b) A custodian nominated under this section must be a person

to whom a transfer of property of that kind may be made under § 18-7-10(a).



   (c) The nomination of a custodian under this section does not

create custodial property until the nominating instrument becomes irrevocable

or a transfer to the nominated custodian is completed under § 18-7-10.

Unless the nomination of a custodian has been revoked, upon the occurrence of

the future event the custodianship becomes effective and the custodian shall

enforce a transfer of the custodial property pursuant to § 18-7-10.



History of Section.

(P.L. 1985, ch. 389, § 2.)