§ 1212. Validity and effect of transfers
Oklahoma Statutes AnnotatedTitle 58. Probate Procedure
58 Okl.St.Ann. § 1212
§ 1212. Validity and effect of transfers
1. failure of the transferor to comply with subsection C of Section 10 of this act1 concerning possession and control; or
3. death or incapacity of a person nominated pursuant to the provisions of Section 4 of this act2 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.
Credits
Laws 1986, c. 261, § 12, eff. Nov. 1, 1986.
58 Okl. St. Ann. § 1212, OK ST T. 58 § 1212
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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