Oklahoma § 58-1204 - Nomination of custodian

§ 58-1204. Nomination of custodian

A. A person having the right to designate the recipient of

property transferable upon the occurrence of a future event may

revocably nominate a custodian to receive the property for a minor

beneficiary upon the occurrence of the event by naming the custodian

followed in substance by the words: "as custodian for

________________ (name of minor) under the Oklahoma Uniform

Transfers to Minors Act." The nomination may name one or more

persons as substitute custodians to whom the property must be

transferred, in the order named, if the first nominated custodian

dies before the transfer or is unable, declines, or is ineligible to

serve. The nomination may be made in a will, a trust, a deed, an

instrument exercising a power of appointment, or in a writing

designating a beneficiary of contractual rights which is registered

with or delivered to the payor, issuer, or other obligor of the

contractual rights.

B. A custodian nominated pursuant to the provisions of this

section must be a person to whom a transfer of property of that kind

may be made according to the provisions of subsection A of Section

10 of this act.

Oklahoma Statutes - Title 58. Probate Procedure

C. The nomination of a custodian pursuant to the provisions of

this section does not create custodial property until the nominating

instrument becomes irrevocable or a transfer to the nominated

custodian is completed pursuant to the provisions of Section 10 of

this act. Unless the nomination of a custodian has been revoked,

upon the occurrence of the future event the custodianship becomes

effective and the custodian shall enforce a transfer of the

custodial property pursuant to the provisions of Section 10 of this

act.

Added by Laws 1986, c. 261, § 4, eff. Nov. 1, 1986.