Tex.
Prop. Code Section 141.012
Validity and Effect of Transfer
(a)
The validity of a transfer made in a manner prescribed by this chapter is not affected by the:(1)
transferor’s failure to comply with Section 141.010 (Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control)(c) concerning possession and control;(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 under Section 141.010 (Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control)(a); or(3)
death or incapacity of a person nominated under Section 141.004 (Nomination of Custodian) or designated under Section 141.010 (Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control) as custodian or the disclaimer of the office by that person.(b)
A transfer made under Section 141.010 (Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control) is irrevocable, and the custodial property is indefeasibly vested in the minor. The custodian has all the rights, powers, duties, and authority provided in this chapter, and the minor or the minor’s legal representative does not have any right, power, duty, or authority with respect to the custodial property except as provided by this chapter.(c)
By making a transfer, the transferor incorporates all the provisions of this chapter in the disposition and grants to the custodian, or to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided by this chapter.
Source:
Section 141.012 — Validity and Effect of Transfer, https://statutes.capitol.texas.gov/Docs/PR/htm/PR.141.htm#141.012 (accessed Jun. 5, 2024).
