Vermont § 3228 - Renunciation, resignation, death, or removal of custodian; designation of successor custodian

§ 3228. Renunciation, resignation, death, or removal of custodian; designation of successor custodian

• (a) A person nominated under section 3213 of this title or designated under section 3219 of this title as custodian may decline to serve by delivering a valid disclaimer to the person
  who made the nomination or to the transferor or the transferor’s legal representative.
  If the event giving rise to a transfer has not occurred and no substitute custodian
  able, willing, and eligible to serve was nominated under section 3213 of this title, the person who made the nomination may nominate a substitute custodian under section 3213 of this title; otherwise, the transferor or the transferor’s legal representative shall designate
  a substitute custodian at the time of the transfer, in either case from among the
  persons eligible to serve as custodian for that kind of property under subsection 3219(a) of this title. The custodian so designated has the rights of a successor custodian. (b) A custodian at any time may designate a trust company or an adult other than a transferor
  under section 3214 of this title as successor custodian by executing and dating an instrument of designation before
  a subscribing witness other than the successor. If the instrument of designation does
  not contain or is not accompanied by the resignation of the custodian, the designation
  of the successor does not take effect until the custodian resigns, dies, becomes incapacitated,
  or is removed. (c) A custodian may resign at any time by delivering written notice to the minor if the
  minor has attained 14 years of age and to the successor custodian, and by delivering
  the custodial property to the successor custodian. (d) If a custodian is ineligible, dies, or becomes incapacitated without having effectively
  designated a successor, and the minor has attained 14 years of age, the minor may
  designate as successor custodian, in the manner prescribed in subsection (b) of this
  section, an adult member of the minor’s family, a financial guardian of the minor,
  or a trust company. If the minor has not attained 14 years of age or fails to act
  within 60 days after the ineligibility, death, or incapacity, the financial guardian
  of the minor becomes successor custodian. If the minor has no financial guardian or
  the financial guardian declines to act, the transferor, the legal representative of
  the transferor or of the custodian, an adult member of the minor’s family, or any
  other interested person may petition the court to designate a successor custodian. (e) A custodian who declines to serve under subsection (a) of this section or resigns
  under subsection (c) of this section, or the legal representative of a deceased or
  incapacitated custodian, as soon as practicable, shall put the custodial property
  and records in the possession and control of the successor custodian. The successor
  custodian by action may enforce the obligation to deliver custodial property and records
  and becomes responsible for each item as received. (f) A transferor, the legal representative of a transferor, an adult member of the minor’s
  family, the minor’s financial guardian, a guardian of the minor appointed pursuant
  to section 2628 or 2664 of this title, or the minor if the minor has attained 14 years of age may petition the court to
  remove the custodian for cause and to designate a successor custodian other than a
  transferor under section 3214 of this title or to require the custodian to give appropriate bond. (Added 2015, No. 7, § 1.)