O.C.G.A.

O.C.G.A. § 44-5-113 (2019)

Nomination of custodian

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) 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 for a minor recipient upon the occurrence of the event by naming the custodian, followed in substance by the words: ‘‘as custodian for (name of minor) under ‘The Georgia Transfers to Minors Act.’’’ The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is delivered to the payor, issuer, or other obligor of the contractual rights. (b) A custodian nominated under this Code section must be a person to whom a transfer of property of that kind may be made under subsection (a) of Code Section 44-5-119. (c) The nomination of a custodian under this Code section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under Code Section 44-5-119. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to Code Section 44-5-119.

History

(Code 1981, § 44-5-113, enacted by Ga. L. 1990, p. 667, § 1.)

Annotations

JUDICIAL DECISIONS Cited in Honeycutt v. Edwards, 136 Ga. App. 486, 221 S.E.2d 678 (1975). RESEARCH REFERENCES Am. Jur. 2d. - 38 Am. Jur. 2d, Gifts, §§ 2 et seq., 36, 81, 91. C.J.S. - 38 C.J.S., Gifts, §§ 11, 76, 77, 79 et seq. U.L.A. - Uniform Transfers to Minors Act (U.L.A.) § 3. ALR. - When may gift by will or deed of trust be considered as one to a class, 75 ALR 773; 61 ALR2d 212.

Opening savings account in sole name of another, without complete surrender of passbook, as a gift, 1 ALR2d 538. Wills: gift to persons individually named but also described in terms of relationship to testator or another as class gift, 13 ALR4th 978.

Notes of Decisions
Cited in 1 case, 1988–1988 · leading case: Baird v. Baird, 367 S.E.2d 37 (Ga. 1988).
Baird v. Baird, 367 S.E.2d 37 (Ga. 1988). · cites it 2× “§ 44-2072 (A) (1); OCGA § 44-5-113 (1). If the gifts are made outright to the minor, neither the Arizona Gifts to Minors Act nor the Georgia Gifts to Minors Act is applicable, and the jurisdiction for an accounting would be in the superior court.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.