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§58-1212.
§58-1212.
A. The validity of a transfer made in a manner prescribed in the
Oklahoma Uniform Transfers to Minors Act is not affected by:
1. failure of the transferor to comply with subsection C of Section 10
of this act concerning possession and control; or
2. designation of an ineligible custodian, except designation of the
transferor in the case of property for which the transferor is
ineligible to serve as custodian pursuant to the provisions of
subsection A of Section 10 of this act; or
3. death or incapacity of a person nominated pursuant to the
provisions of Section 4 of this act 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.
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