2006 Minnesota Statutes

527.23 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 Minnesota 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 under this section must be a person to whom a transfer of property
of that kind may be made under section 527.29, paragraph (a).
(c) The nomination of a custodian under this section does not create custodial property
until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is
completed under section 527.29. Unless the nomination of a custodian has been revoked, upon the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 section 527.29.
History: 1985 c 221 s 3