NRS 167.040
Effect of transfer.

1.

A transfer made in a manner prescribed in this chapter is irrevocable and conveys to the minor indefeasibly vested legal title to the custodial property, but the custodian has any right, power, duty or authority provided in this chapter 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 this chapter.

2.

By making a transfer in a manner prescribed in this chapter, the transferor incorporates in his or her disposition all the provisions of this chapter 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 this chapter.

Source: Section 167.040 — Effect of transfer., https://www.leg.state.nv.us/NRS/NRS-167.html#NRS167Sec040.

167.010
Short title. 167.020
Definitions. 167.021
Applicability 167.023
Transfer by gift or exercise of power of appointment. 167.025
Transfer authorized in will or trust. 167.027
Transfer not authorized in will or trust 167.029
Transfer by debtor or person holding property of minor. 167.030
Creation of custodial property 167.033
Nomination of custodian to serve upon future event. 167.034
Delay of time for certain transfers 167.035
Validity of transfer. 167.040
Effect of transfer. 167.043
Acknowledgment of delivery of custodial property. 167.045
Rights of custodian. 167.050
Duties and powers of custodian. 167.055
Delivery, payment or expenditure of custodial property for benefit of minor. 167.060
Expenses, compensation and bond of custodian. 167.070
Exemption of third persons from liability. 167.080
Disclaimer, resignation, death or removal of custodian 167.085
Claims against custodial property 167.090
Petition for accounting by custodian or determination of responsibility by court 167.095
Transfer by custodian to minor. 167.100
Construction.

Last Updated

Jun. 24, 2021

§ 167.040’s source at nv.us

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Location: https://nevada.public.law/statutes/nrs_167.040

Original Source: Section 167.040 — Effect of transfer., https://www.leg.state.nv.us/NRS/NRS-167.html#NRS167Sec040 (last accessed Jun. 24, 2021).