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Title XXVI TRADE AND COMMERCE

Chapter 404

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  404.420.  Personal custodian established by adult beneficiary — who may serve — revocation — effect — powers, duties and immunities of custodian — single custodian may serve more than one beneficiary. — 1.  An adult person who is not an incapacitated person may transfer property which he owns to any adult person or financial institution as personal custodian to hold and administer for him as beneficiary of a personal custodianship under sections 404.400 to 404.650.  A transfer of property to a personal custodian made by a beneficiary in the manner prescribed in section 404.540 is revocable by the beneficiary in the manner prescribed in sections 404.560 and 404.570.  Ownership of the property transferred remains indefeasibly vested in the beneficiary, subject to the personal custodianship provided in sections 404.400 to 404.650 for the benefit of the beneficiary.

  2.  By transferring property to a personal custodian under sections 404.400 to 404.650, the beneficiary incorporates in the transfer all the provisions of sections 404.400 to 404.650 and grants to the personal custodian, and third persons dealing with the personal custodian, the respective powers, rights and immunities provided in sections 404.400 to 404.650.  By holding property for a beneficiary as personal custodian under sections 404.400 to 404.650, the personal custodian assumes the obligation to administer the custodial property for the beneficiary as prescribed in sections 404.400 to 404.650 and the provisions of any written agreement between the beneficiary and personal custodian.

  3.  Only one person may be personal custodian under sections 404.400 to 404.650 for the property placed in a personal custodianship, but a beneficiary may transfer custody of different property to another personal custodian under sections 404.400 to 404.650. A person may be a personal custodian of property for more than one beneficiary, but the personal custodian shall separately hold and administer the custodial property for each beneficiary unless the property is transferred to the personal custodian for the use and benefit of multiple beneficiaries in accordance with subdivision (6) of subsection 1 of section 404.540.

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(L. 1986 S.B. 651 § 2 subsecs. 1, 2, 4, A.L. 1989 H.B. 145)


---- end of effective   28 Aug 1989 ----

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