43-2712. Validity and effect of transfer.

(1) The validity of a transfer made in a manner prescribed in the Nebraska Uniform Transfers to Minors Act is not affected by:

(a) Failure of the transferor to comply with subsection (3) of section 43-2710 concerning possession and control;

(b) 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 under subsection (1) of section 43-2710; or

(c) Death or incapacity of a person nominated under section 43-2704 or designated under section 43-2710 as custodian or the disclaimer of the office by that person.

(2) A transfer made pursuant to section 43-2710 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in the Nebraska 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 in the act.

(3) By making a transfer, the transferor incorporates in the disposition all the provisions of the Nebraska 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 in the act.

Source:Laws 1992, LB 907, ยง 12.