2023 Texas Statutes › Property Code › Title 10 - Miscellaneous Beneficial Property Interests › Subtitle A - Persons Under Disability › Chapter 141 - Transfers to Minors › Section 141.019. Renunciation, Resignation, Death, or Removal of Custodian; Designation of Successor Custodian

Sec. 141.019.  RENUNCIATION, RESIGNATION, DEATH, OR REMOVAL OF CUSTODIAN;  DESIGNATION OF SUCCESSOR CUSTODIAN.  (a)  A person nominated to serve as a custodian under Section 141.004 or designated to serve as a custodian under Section 141.010 may decline to serve as custodian by delivering written notice to the person who made the nomination or to the transferor's legal representative.  If the event giving rise to a transfer has not occurred and no substitute custodian who is able, willing, and eligible to serve was nominated under Section 141.004, the person who made the nomination may nominate a substitute custodian under Section 141.004;  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 Section 141.010(a).  A substitute custodian designated under this section has the rights of a successor custodian.
(b)  A custodian at any time may designate as successor custodian a trust company or an adult other than a transferor under Section 141.005 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 custodian's resignation, 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:
(1)  written notice to the successor custodian and to the minor if the minor is at least 14 years of age;  and
(2)  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 is at least 14 years of age, the minor may designate as successor custodian an adult member of the minor's family, a guardian of the minor, or a trust company in the manner prescribed by Subsection (b).  If the minor is younger than 14 years of age or fails to act within 60 days after the ineligibility, death, or incapacity of the custodian, the minor's guardian becomes successor custodian.  If the minor has no guardian or the minor's 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)  As soon as practicable, a custodian who declines to serve under Subsection (a) or resigns under Subsection (c), or the legal representative of a deceased or incapacitated custodian, 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, a guardian of the person of the minor, the guardian of the minor, or the minor if the minor is at least 14 years of age may petition the court to:
(1)  remove the custodian for cause and designate a successor custodian other than a transferor under Section 141.005;  or
(2)  require the custodian to give appropriate bond.
Added by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995.  Renumbered from Property Code Sec. 19 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997.