§ 7-6.18 Renunciation, resignation, death, or removal of custodian;
designation of successor custodian

(a) A person nominated under 7-6.3 or designated under 7-6.9 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 7-6.3, the person who made the nomination may
nominate a substitute custodian under 7-6.3; 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
paragraph (a) of 7-6.9. 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 7-6.4 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, become incapacitated, or is removed. The transferor may
designate one or more persons as successor custodian to serve in the
designated order of priority, in case the custodian originally
designated or a prior successor custodian is unable, declines, or is
ineligible to serve or resigns, dies, becomes incapacitated, or is
removed.

The designation either (1) shall be made in the same transaction and
by the same document by which the transfer is made, or (2) shall be made
by executing and dating a separate instrument of designation before a
subscribing witness other than a successor as a part of the same
transaction and contemporaneously with the execution of the document by
which the transfer is made. The designation is made by setting forth the
successor custodian's name, followed in substance by the words: "is
designated successor custodian." A successor custodian designated by the
transferor may be a trust company or an adult other than the transferor.
A successor custodian effectively designated by the transferor has
priority over a successor custodian designated by a custodian.

(c) A custodian may resign at any time by delivering written notice to
the minor if the minor has attained the age of fourteen years and to the
successor custodian and by delivering the custodial property to the
successor custodian.

(d) If the transferor has not effectively designated one or more
successor custodians and a custodian is ineligible, dies, or becomes
incapacitated without having effectively designated a successor and the
minor has attained the age of fourteen years, the minor may designate as
successor custodian, in the manner prescribed in paragraph (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 fourteen years or
fails to act within sixty 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 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 paragraph (a) or resigns
under paragraph (c), 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, a guardian of the minor, or the minor if
the minor has attained the age of fourteen years may petition the court
to remove the custodian for cause and to designate a successor custodian
other than a transferor under 7-6.4 or to require the custodian to give
appropriate bond.