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Illinois Statutes Chapter 760. Trusts and Fiduciaries § 20/12. Validity and Effect of Transfer

Current as of January 01, 2022 | Updated by FindLaw Staff

§ 12. Validity and Effect of Transfer. (a) The validity of a transfer made in a manner prescribed in this Act is not affected by:

(1) failure of the transferor to comply with Section 10(c) concerning possession and control;

(2) designation of an ineligible custodian; or

(3) death or incapacity of a person nominated under Section 4 or designated under Section 10 as custodian or the disclaimer of the office by that person.

(b) A transfer made pursuant to Section 10 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 Act, and neither the minor nor the minor's representative has any right, power, duty, or authority with respect to the custodial property except as provided in this Act.

(c) By making a transfer, the transferor incorporates in the disposition all the provisions of this 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 in this Act.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 760. Trusts and Fiduciaries § 20/12. Validity and Effect of Transfer - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-760-trusts-and-fiduciaries/il-st-sect-760-20-12.html

Read this complete Illinois Statutes Chapter 760. Trusts and Fiduciaries § 20/12. Validity and Effect of Transfer on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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