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9-26-211. Validity and effect of transfer.
Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-211. Validity and effect of transfer.
(a) The validity of a transfer made in a manner prescribed in this subchapter shall not be affected by:
(1) failure of the transferor to comply with § 9-26-209(c) concerning possession and control;
(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 under § 9-26-209(a); or
(3) death or incapacity of a person nominated under § 9-26-203 or designated under § 9-26-209 as custodian or the disclaimer of the office by that person.
(b) A transfer made pursuant to § 9-26-209 shall be irrevocable, and the custodial property shall be indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this subchapter, and neither the minor nor the minor's legal representative shall have any right, power, duty, or authority with respect to the custodial property except as provided in this subchapter.
(c) By making a transfer, the transferor shall incorporate in the disposition all the provisions of this subchapter and shall grant to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-211
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:9-26-211
Source file: gov.ar.code.title.09.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8aa7e0b0145ae9c0f5ca91dbd10a11579829b6864f3358e23ac10c69401c9542
Source location: content.xml paragraph 13713
Stored source content
9-26-211. Validity and effect of transfer.
(a) The validity of a transfer made in a manner prescribed in this subchapter shall not be affected by:
(1) failure of the transferor to comply with § 9-26-209(c) concerning possession and control;
(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 under § 9-26-209(a); or
(3) death or incapacity of a person nominated under § 9-26-203 or designated under § 9-26-209 as custodian or the disclaimer of the office by that person.
(b) A transfer made pursuant to § 9-26-209 shall be irrevocable, and the custodial property shall be indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this subchapter, and neither the minor nor the minor's legal representative shall have any right, power, duty, or authority with respect to the custodial property except as provided in this subchapter.
(c) By making a transfer, the transferor shall incorporate in the disposition all the provisions of this subchapter and shall grant to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-203. 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 Arkansas Uniform Transfers to Minors Act.” The nomination may name one (1) 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 § 9-26-209(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 § 9-26-209. 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 § 9-26-209.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-203
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 9-26-203. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
9-26-209. Manner of creating custodial property and effecting transfer — Designation of initial custodian — Control.
(a) Custodial property is created and a transfer is made whenever:
(1) an uncertificated security or a certificated security in registered form is either:
(i) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”; or
(ii) delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (b) of this section;
(2) money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”;
(3) the ownership of a life or endowment insurance policy or annuity contract is either:
(i) registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”; or
(ii) assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: “as custodian for (name of minor) under the Arkansas Uniform Transfers to Minors Act”;
(4) an irrevocable exercise of a power of
Source: Arkansas Code — historical release 78 (November 6, 2020) · 9-26-209
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 9-26-209. This identifies an authority to review, not proof of applicability.