Oklahoma § 58-1212 - Validity and effect of transfers

§ 58-1212. Validity and effect of transfers

A. The validity of a transfer made in a manner prescribed in

the Oklahoma Uniform Transfers to Minors Act is not affected by:

1.

failure of the transferor to comply with subsection C of

Section 10 of this act concerning possession and control;

or

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 pursuant to

the provisions of subsection A of Section 10 of this act;

or

3.

death or incapacity of a person nominated pursuant to the

provisions of Section 4 of this act or designated according

to the provisions of Section 10 of this act as custodian or

the disclaimer of the office by that person.

B. A transfer made pursuant to the provisions of Section 10 of

this act is irrevocable, and the custodial property is indefeasibly

vested in the minor, but the custodian has all the rights, powers,

duties, and authority provided for in the Oklahoma Uniform Transfers

to Minors Act, 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 for in the Oklahoma

Uniform Transfers to Minors Act.

C. By making a transfer, the transferor incorporates in the

disposition all the provisions of the Oklahoma Uniform Transfers to

Minors 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 for in the Oklahoma Uniform

Transfers to Minors Act.

Added by Laws 1986, c. 261, § 12, eff. Nov. 1, 1986.

Oklahoma Statutes - Title 58. Probate Procedure