(760 ILCS 20/19) (from Ch. 110 1/2, par. 269)
Sec. 19. Renunciation, Resignation, Death, or Removal of Custodian;
Designation of Successor Custodian. (a) A person nominated under Section 4
or designated under
Section 6 or Section 10 as custodian may decline to serve by delivering a valid
disclaimer
to the person who made the nomination or designation or to the transferor
or the transferor's 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 4, the person who made the
nomination or designation may nominate a substitute custodian; otherwise
the transferor or the transferor's 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 10(a). The custodian so designated has the rights of a successor
custodian.
(b) At any time or times a transferor or his representative may
designate an adult or a trust company as successor custodian, single or
successive, by executing and dating an instrument of designation and
delivering it to the custodian or if he is deceased or is a person with a disability to his representative.
A custodian at any time when a vacancy would otherwise occur may
designate a trust company or an adult as successor custodian by executing
and dating an instrument of designation. If an 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 a person with a disability, or is removed.
If a transferor or a custodian has executed more than one instrument of
designation, the instrument dated on the earlier date shall be treated as
revoked by the instrument dated on the later date; however, a designation by a
transferor or his representative shall not be revoked by a custodian. A
successor custodian has all the powers, duties and immunities of a
custodian designated in a manner prescribed by this Act.
(c) A custodian may resign at any time by delivering written notice to
the minor if the minor has attained the age of 14 years and to the
successor custodian and by delivering the custodial property to the successor
custodian.
(d) If a custodian is ineligible, dies, or becomes a person with a disability and no
successor has been effectively designated and the minor has attained the
age of 14 years, the minor may designate as successor custodian, in the
manner prescribed in subsection (b), an adult member of the minor's family,
a guardian of the minor, or a trust company. If the minor has not
attained the age of 14 years or fails to act within 60 days after the
ineligibility, death, or incapacity, the guardian of the minor becomes
successor custodian. If the minor has no guardian or
the guardian
declines to act, the transferor, the 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) or resigns
under subsection (c), or the representative of a deceased custodian or a custodian with a disability, 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 obligations
to deliver custodial property and records and becomes responsible for each
item as received.
(f) A transferor, the 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 has
attained the age of
14 years may petition the court to remove the custodian for cause and to
designate a successor custodian not inconsistent with an effective
designation or
to require the custodian to give appropriate bond.
(Source: P.A. 99-143, eff. 7-27-15.)
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