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2006 SESSION

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CHAPTER 657 An Act to amend and reenact § 31-46 of the Code of Virginia, relating to custodians under the Virginia Uniform Transfer to Minors Act. [H 796] Approved April 5, 2006

 

Be it enacted by the General Assembly of Virginia:

1.  That § 31-46 of the Code of Virginia is amended and reenacted as follows:

§ 31-46.  Single and joint custodians.

A transfer may be made only for one minor, and only one person may be the custodian up to two persons may be joint custodians. All custodial property held under this chapter by the same custodian or joint custodians for the benefit of the same minor constitutes a single custodianship. Unless otherwise specified in any document creating the custodial property, each joint custodian shall have full power and authority to act alone with respect to the custodial property. If either joint custodian resigns, dies, becomes incapacitated, or is removed, then the remaining joint custodian shall become sole custodian.