Section 404.057

Title XXVI TRADE AND COMMERCE

Chapter 404

Effective - 28 Aug 1989   

  404.057.  Successor custodian designation on renunciation, resignation, death, incapacity, nonresident minor or removal of custodian. — 1.  A person designated as a custodian may decline to serve by delivering a written renunciation to the person who made the designation or to the transferor or the transferor's legal representative.  If at the time of the transfer there is no substitute custodian who is able and willing to serve as custodian, the person who made the designation, a person with a power from the donor to designate a custodian, the transferor or the transferor's legal representative shall designate a substitute custodian.

  2.  The custodian may revocably designate at any time one or more successor custodians in a will or by executing and dating an instrument of designation before a subscribing witness other than a successor custodian.  If the instrument of designation does not contain or is not accompanied by the custodian's resignation, the designation of a successor does not take effect until the custodian resigns, dies, becomes incapacitated or is removed.  Successor custodians serve in the order named in the event a prior named custodian declines or is not qualified to serve as custodian, or is deceased or incapacitated.

  3.  A custodian may resign at any time by delivering written notice to the minor and the successor custodian and delivering the custodial property and records of the custodianship to the successor custodian.

  4.  If the custodian dies or becomes incapacitated, the custodian's legal representative shall transfer the custodial property to a successor custodian.  If no successor custodian has been effectively designated, the custodian's legal representative shall designate as successor custodian any adult person or financial institution in the manner prescribed in subsection 2 of this section and deliver the custodial property to the successor custodian.

  5.  The designation of a successor custodian by a custodian or the custodian's legal representative may be included in the instrument placing custodial property into the name of the successor custodian.

  6.  A custodian under the uniform gifts to minors law or similar law of any state may transfer custodial property to himself as custodian or to a successor custodian for the minor under the Missouri transfers to minors law in the manner prescribed in section 404.047.

  7.  When a minor resides in a state other than Missouri, a custodian under the Missouri uniform gifts to minors law or the Missouri transfers to minors law may deliver the custodial property to any adult person or financial institution as a successor custodian for the minor under the uniform gifts to minors law, uniform transfers to minors law or similar law of the state where the minor resides, if, under the laws of that state, the custodianship will not terminate earlier than it would terminate under section 404.051 and the ownership of the custodial property will remain indefeasibly vested in the minor.

  8.  If the custodian or custodian's legal representative does not timely designate a successor custodian, then:

  (1)  If the minor is over fourteen years of age, the minor may designate an adult member of the minor's family, the minor's conservator or guardian if the minor has one, or a financial institution as successor custodian in the manner prescribed in subsection 2 of this section; or

  (2)  If the minor is under fourteen years of age, the minor, a guardian or conservator of the minor, the transferor, legal representative of the transferor, an adult member of the minor's family or any person interested in the welfare of the minor, may petition the court to designate a successor custodian.

  9.  A successor custodian shall hold the custodial property in the manner prescribed in section 404.047 and need not indicate the custodial capacity as a successor custodian.

  10.  A custodian who resigns, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall do all things within that person's lawful power to put each item of the custodial property and the records of the custodianship in the possession and control of a successor custodian.

  11.  A minor who has attained the age of fourteen years, the minor's legal representative, an adult member of the minor's family, a transferor, the transferor's legal representative, a successor custodian, a person who designated the custodian, or any person interested in the welfare of the minor, for good cause shown, may petition the court to remove the custodian, to designate a successor custodian, to require the custodian to give bond and to order delivery of the custodial property and records of the custodianship to the minor, a successor custodian or the minor's legal representative.

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(L. 1985 S.B. 35, et al. § 7, A.L. 1989 H.B. 145)