KRS § 385.182 — KY Code / Title XXXII / Chapter 385 / Section 385.182
385.182 Renunciation, resignation, death or removal of custodian -- Designation of successor custodian
Status: in_force

385.182 Renunciation, resignation, death or removal of custodian -- Designation of

successor custodian.

(1) A person nominated under KRS 385.032 or designated under KRS 385.092 as

custodian may decline to serve by delivering a valid disclaimer to the person who

made the nomination or to the transferor or the transferor's legal representative. If

the event giving rise to a transfer has not occurred and no substitute custodian able,

willing, and eligible to serve was nominated under KRS 385.032, the person who

made the nomination may nominate a substitute custodian under KRS 385.032;

otherwise the transferor or the transferor's legal representative shall designate a

substitute custodian at the time of the transfer, in either case from among the

persons eligible to serve as custodian for that kind of property under KRS

385.092(1). The custodian so designated has the rights of a successor custodian.

(2) A custodian at any time may designate a trust company or an adult other than a

transferor under KRS 385.042 as successor custodian by executing and dating an

instrument of designation before a subscribing witness other than the successor. If

the instrument of designation does not contain or is not accompanied by the

resignation of the custodian, 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 (14) years and to the successor custodian and

by delivering the custodial 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

(14) years, the minor may designate as successor custodian, in the manner

prescribed in subsection (2) of this section, an adult member of the minor's family, a

conservator of the minor, or a trust company. If the minor has not attained the age

of fourteen (14) years or fails to act within sixty (60) days after the ineligibility,

death, or incapacity, the conservator of the minor becomes successor custodian. If

the minor has no conservator or the conservator declines to act, the transferor, the

legal representative of the transferor or of the custodian, an adult member of the

minor's family, or any other interested person may petition the court to designate a

successor custodian.

(5) A custodian who declines to serve under subsection (1) of this section or resigns

under subsection (3) of this section, 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 successor custodian. The successor

custodian by action may enforce the obligation to deliver custodial property 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 the minor has attained the age of fourteen (14) years may petition the court

to remove the custodian for cause and to designate a successor custodian other than

a transferor under KRS 385.042 or to require the custodian to give appropriate

bond.