Guam § 12107 - Resignation, Death or Removal of Custodian; Bond;

§ 12107. Resignation, Death or Removal of Custodian; Bond;

Designation of Successor Custodian.

(a) Only an adult member of the minor=s family, a guardian of the

minor or a trust company is eligible to become [a] successor custodian. A

custodian may designate his successor by executing and dating an

instrument of designation before a subscribing witness other than the

successor; the instrument of designation may but need not contain the

resignation of the custodian. If the custodian does not so designate his

successor before he dies or becomes legally incapacitated, and the minor

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has attained the age of fourteen years, the minor may designate a successor

custodian by executing an instrument of designation before a subscribing

witness other than the successor. A successor custodian has all the rights,

powers, duties and immunities of a custodian designated in a manner

prescribed by this Chapter.

(b) The designation of a successor custodian as provided in Subsection

(a) takes effect as to each item of the custodial property when the custodian

resigns, dies or becomes legally incapacitated and the custodian or his legal

representative:

(1) Causes the item, if is a security in registered form or a life

insurance policy or annuity contract, to be registered, with the issuing

insurance company in the case of a life insurance policy or annuity

contract, in the name of the successor custodian followed, in

substance, by the words: as custodian for ____ [name of minor] ____

under the Guam Uniform Gifts to Minors Act; and

(2) Delivers or causes to be delivered to the successor custodian

any other item of the custodial property, together with the instrument

of designation of the successor custodian or a true copy thereof and

any additional instruments required for the transfer thereof to the

successor custodian.

(c) A custodian who executes an instrument of designation of his

successor containing the custodian's resignation as provided in Subsection

(a) shall promptly do all things within his power to put each item of the

custodian property in the possession and control of the successor custodian

named in the instrument. The legal representative of a custodian who dies or

becomes legally incapacitated shall promptly do all things within his power

to put each item of the custodial property in the possession and control of

the successor custodian named in an instrument of designation executed as

provided in subsection (a) by the custodian or, if none, by the minor if he

has no guardian and has attained the age of fourteen years or in the

possession and control of the guardian of the minor if he has a guardian. If

the custodian has executed as provided in subsection (a) more than one

instrument of designation, his legal representative shall treat the instrument

dated on an earlier date as having been revoked by the instrument dated on a

later date.

d) If a person designated as custodian or as successor custodian by the

custodian as provided in subsection (a) is not eligible, dies or becomes

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legally incapacitated before the minor attains the age of eighteen years and

if the minor has a guardian, the guardian of the minor shall be successor

custodian. If the minor has no guardian and if no successor custodian who is

eligible and has not died or become legally incapacitated has been

designated as provided in subsection (a), a donor, his legal representative,

the legal representative of the custodian or an adult member of the minor=s

family may petition the court for the designation of a successor custodian.

(e) A donor, the legal representative of a donor, a successor custodian,

an adult member of the minor=s family, a guardian of the minor or the

minor, if he has attained the age of fourteen years, may petition the court

that, for cause shown in the petition, the custodian be designated or, in the

alternative, that the custodian be required to give bond for the performance

of his duties.

(f) Upon the filing of a petition as provided in this section, the court

shall grant an order, directed to the persons and returnable on such notice as

the court may require, to show cause why the relief prayed for in the

petition should not be granted and, in due course, grant such relief as the

court finds to be in the best interests of the minor.