Illinois General Assembly - Illinois Compiled Statutes

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760 ILCS 20/12

(760 ILCS 20/12) (from Ch. 110 1/2, par. 262)

Sec. 12.

Validity and Effect of Transfer.

(a) The validity of a
transfer made in a manner prescribed
in this Act is not affected by:

(1) failure of the transferor to comply with Section 10(c) concerning
possession and control;

(2) designation of an ineligible custodian; or

(3) death or incapacity of a person nominated under Section 4 or
designated under Section 10 as custodian or the disclaimer of the office by that person.

(b) A transfer made pursuant to Section 10 is irrevocable, and the
custodial property is indefeasibly vested in the minor, but the custodian
has all the rights, powers, duties, and authority provided in this Act, and
neither the minor nor the minor's representative has any right,
power, duty, or authority with respect to the custodial property except as
provided in this Act.

(c) By making a transfer, the transferor incorporates in the disposition
all the provisions of this Act and grants to the custodian, and to any
third person dealing with a person designated as custodian, the respective
powers, rights, and immunities provided in this Act.

(Source: P.A. 84-1129.)