Gift irrevocable; rights and duties of guardian or custodian

§ 21–303. Gift irrevocable; rights and duties of guardian or custodian (a) A gift made as prescribed by this chapter is irrevocable and conveys to the minor indefeasibly vested legal title to the security, money, life insurance or annuity contract given, but a guardian of the minor does not have a right, power, duty, or authority with respect to the custodial property, except as provided by this chapter. (b) By making a gift in the manner prescribed by this chapter, the donor incorporates in his gift all the provisions of this chapter and grants to the custodian, and to any issuer, transfer agent, bank, broker, insurance company, or third person dealing with a custodian, the respective powers, rights, and immunities provided by this chapter.