2023 Vermont Statutes › Title 14 - Decedents' Estates and Fiduciary Relations › Chapter 115 - Vermont Uniform Transfers to Minors Act › § 3228. Renunciation, resignation, death, or removal of custodian; designation of successor custodian

§ 3228. Renunciation, resignation, death, or removal of custodian; designation of successor custodian
(a) A person nominated under section 3213 of this title or designated under section 3219 of this title 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 section 3213 of this title, the person who made the nomination may nominate a substitute custodian under section 3213 of this title; 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 subsection 3219(a) of this title. The custodian so designated has the rights of a successor custodian.
(b) A custodian at any time may designate a trust company or an adult other than a transferor under section 3214 of this title 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.
(c) A custodian may resign at any time by delivering written notice to the minor if the minor has attained 14 years of age and to the successor custodian, and by delivering the custodial property to the successor custodian.
(d) If a custodian is ineligible, dies, or becomes incapacitated without having effectively designated a successor, and the minor has attained 14 years of age, the minor may designate as successor custodian, in the manner prescribed in subsection (b) of this section, an adult member of the minor’s family, a financial guardian of the minor, or a trust company. If the minor has not attained 14 years of age or fails to act within 60 days after the ineligibility, death, or incapacity, the financial guardian of the minor becomes successor custodian. If the minor has no financial guardian or the financial guardian 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.
(e) A custodian who declines to serve under subsection (a) of this section or resigns under subsection (c) 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.
(f) A transferor, the legal representative of a transferor, an adult member of the minor’s family, the minor’s financial guardian, a guardian of the minor appointed pursuant to section 2628 or 2664 of this title, or the minor if the minor has attained 14 years of age may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under section 3214 of this title or to require the custodian to give appropriate bond. (Added 2015, No. 7, § 1.)