§761.  Validity and effect of transfer

A.  The validity of a transfer made in a manner prescribed in this Subpart is not affected by any of the following:

(1)  Failure of the transferor to comply with R.S. 9:759(C) 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 R.S. 9:759(A).  

(3)  Death or incapacity of a person nominated under R.S. 9:753 or designated under R.S. 9:759 as custodian or the disclaimer of the office by that person.  

B.  A transfer made pursuant to R.S. 9:759 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided by this Subpart, 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 Subpart.  

C.  By making a transfer, the transferor incorporates in the disposition all the provisions of this Subpart 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 Subpart.  

Acts 1987, No. 469, §1, eff. Jan. 1, 1988.