14-7668. Renunciation, resignation, death or
removal of custodian; designation of successor
A. A person nominated pursuant to section 14-7653 or designated pursuant to section
14-7659 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 who is able, willing and eligible to serve was nominated pursuant to
section 14-7653, the person who made the nomination may nominate a substitute custodian
pursuant to section 14-7653. 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 pursuant to section 14-7659, subsection A. 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 pursuant to section 14-7654 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 is at least fourteen 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 is at least fourteen 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 conservator of the minor or a
trust company. If the minor is under fourteen years of age or fails to act within sixty
days after the ineligibility, death or incapacity, the conservator of the minor becomes
successor custodian. If the minor has no conservator or the conservator 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 pursuant to subsection A of this section or
resigns pursuant to 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, a guardian of the person of the minor, the conservator of the minor or
the minor if the minor is at least fourteen years of age may petition the court to remove
the custodian for cause and to designate a successor custodian other than a transferor
pursuant to section 14-7654 or to require the custodian to give appropriate bond.
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