§ 58-1212. Validity and effect of transfers.

A.  The validity of a transfer made in a manner prescribed in the Oklahoma Uniform Transfers to Minors Act is not affected by:

1.failure of the transferor to comply with subsection C of Section 10 of this act concerning possession and control; or

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 pursuant to the provisions of subsection A of Section 10 of this act; or

3.death or incapacity of a person nominated pursuant to the provisions of Section 4 of this act or designated according to the provisions of Section 10 of this act as custodian or the disclaimer of the office by that person.

B.  A transfer made pursuant to the provisions of Section 10 of this act is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided for in the Oklahoma Uniform Transfers to Minors Act, 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 for in the Oklahoma Uniform Transfers to Minors Act.

C.  By making a transfer, the transferor incorporates in the disposition all the provisions of the Oklahoma Uniform Transfers to Minors Act and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided for in the Oklahoma Uniform Transfers to Minors Act.

Added by Laws 1986, c. 261, § 12, eff. Nov. 1, 1986.