565B.3 Nomination of custodian. 1. A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property fora minor beneficiary upon the occurrence of the event by naming the custodian, followed insubstance by the words: 'as custodian for .................................... (name of minor) under theIowa Uniform Transfers to Minors Act'. The nomination may name one or more persons assubstitute custodians to whom the property must be transferred, in the order named, if thefirst nominated custodian dies before the transfer or is unable, declines, or is ineligible toserve. The nomination may be made in a will, a trust, a deed, an instrument exercising apower of appointment, or in a writing designating a beneficiary of contractual rights whichis registered with or delivered to the payor, issuer, or other obligor of the contractual rights. 2. A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under section 565B.9, subsection 1. 3. or other obligor of the contractual rights. 2. A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under section 565B.9, subsection 1. 3. The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominatedcustodian is completed under section 565B.9. Unless the nomination of a custodian has beenrevoked, upon the occurrence of the future event the custodianship becomes effective andthe custodian shall enforce a transfer of the custodial property pursuant to section 565B.9. 86 Acts, ch 1035, §3Referred to in §565B.5, 565B.7, 565B.11, 565B.18 Sat Dec 23 11:07:17 2023 Iowa Code 2024, Section 565B.3 (14, 0)
Iowa Legal Code