Section 404.014

Title XXVI TRADE AND COMMERCE

Chapter 404

Effective - 28 Aug 1985   

  404.014.  Present transfer of property, effect. — A present transfer of property to a custodian for a minor, made by a transferor in the manner prescribed in subdivisions (1), (2), (3) and (5) of subsection 1 of section 404.047, is irrevocable and indefeasibly vests ownership of the property in the minor subject to the custodianship provided in sections 404.005 to 404.094 for the benefit of the minor, 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 prescribed in sections 404.005 to 404.094.

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(L. 1985 S.B. 35, et al. § 2 subsec. 2)