§ 565b-18

565B.18 Renunciation, resignation, death, or removal of custodian — designation of successor custodian. 1. A person nominated under section 565B.3 or designated under section 565B.9 as custodian may decline to serve by delivering a valid disclaimer to the person who made thenomination or to the transferor or the transferor’s legal representative. If the event givingrise to a transfer has not occurred and no substitute custodian able, willing, and eligibleto serve was nominated under section 565B.3, the person who made the nomination maynominate a substitute custodian under section 565B.3; otherwise, the transferor or thetransferor’s legal representative shall designate a substitute custodian at the time of thetransfer, in either case from among the persons eligible to serve as custodian for that kindof property under section 565B.9, subsection 1. The custodian so designated has the rightsof a successor custodian. 2. A custodian at any time may designate a trust company or an adult other than a transferor under section 565B.4 as successor custodian by executing and dating aninstrument of designation before a subscribing witness other than the successor.

rust company or an adult other than a transferor under section 565B.4 as successor custodian by executing and dating aninstrument of designation before a subscribing witness other than the successor. If theinstrument of designation does not contain or is not accompanied by the resignation of thecustodian, the designation of the successor does not take effect until the custodian resigns,dies, becomes incapacitated, or is removed. 3. A custodian may resign at any time by delivering written notice to the minor if the minor has attained the age of fourteen years and to the successor custodian and by delivering thecustodial property to the successor custodian. 4. If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor and the minor has attained the age of fourteen years, the minor maydesignate as successor custodian, in the manner prescribed in subsection 2, an adult memberof the minor’s family, a conservator of the minor, or a trust company. If the minor has notattained the age of fourteen years or fails to act within sixty days after the ineligibility, death,or incapacity, the conservator of the minor becomes successor custodian.

mpany. If the minor has notattained the age of fourteen years or fails to act within sixty days after the ineligibility, death,or incapacity, the conservator of the minor becomes successor custodian. If the minor has noconservator or the conservator declines to act, the transferor, the legal representative of thetransferor or of the custodian, an adult member of the minor’s family, or any other interestedperson may petition the court to designate a successor custodian. 5. A custodian who declines to serve under subsection 1 or resigns under subsection 3, or the legal representative of a deceased or incapacitated custodian, as soon as practicable,shall put the custodial property and records in the possession and control of the successorcustodian. The successor custodian by action may enforce the obligation to deliver custodialproperty and records and becomes responsible for each item as received. 6. A transferor, the legal representative of a transferor, an adult member of the minor’s family, a guardian of the person of the minor, the conservator of the minor, or the minor if theminor has attained the age of fourteen years may petition the court to remove the custodianfor cause and

amily, a guardian of the person of the minor, the conservator of the minor, or the minor if theminor has attained the age of fourteen years may petition the court to remove the custodianfor cause and to designate a successor custodian other than a transferor under section 565B.4or to require the custodian to give appropriate bond. 86 Acts, ch 1035, §18Referred to in §565B.1, 565B.15, 565B.19 Sat Dec 23 11:07:24 2023 Iowa Code 2024, Section 565B.18 (14, 0)