Dating a minor in texas
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). 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. (a) A custodian shall:(1) take control of custodial property;(2) register or record title to custodial property if appropriate; and(3) collect, hold, manage, sell, convey, invest, and reinvest custodial property.(b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. (a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only.(b) This section does not relieve a custodian from liability for breach of Section 141.013.
(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. (a) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian in the custodian's custodial capacity, whether or not the custodian or the minor is personally liable for the claim.(b) A custodian is not personally liable:(1) on a contract properly entered into in the custodian's custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or(2) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.(c) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault. 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. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is registered, or held in an account designated, in the name of the custodian followed in substance by the words: "as custodian for ____________________ (name of minor) under the Texas Uniform Transfers to Minors Act."(e) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make the records available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor is at least 14 years of age. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed.