Powers of custodian

11-50-114. Powers of custodian. (1) 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. (1.5) At any time, a custodian may transfer part or all of a custodial property to a qualified minor's trust without a court order. Such a transfer terminates the custodianship to the extent of the transfer. (2) This section does not relieve a custodian from liability for breach of section 11-50-113. Source: L. 84: Entire article R&RE, p. 389, � 1, effective July 1. L. 2007: (1.5) added, p. 126, � 3, effective July 1. Editor's note: This section is similar to former � 11-50-105 as it existed prior to 1984.