(a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority
over custodial property that unmarried adult owners have over their own property,
but a custodian may exercise those rights, powers, and authority in that capacity
(b) This section does not relieve a custodian from liability for breach of section 527.32.
(c) At any time, with or without a court order, a custodian may transfer all or part
of the custodial property to a trust, including a trust created by a custodian, that
satisfies the requirements of section 2503(c) of the Internal Revenue Code 1 and the regulations implementing that section. A transfer to a trust pursuant to this paragraph terminates the custodianship to
the extent of the transfer.
All text references to Internal Revenue Code sections are to Title 26 of U.S.C.A.
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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