Successor custodians; eligibility; rights, powers, and duties; manner of resignation; removal

§ 21–307. Successor custodians; eligibility; rights, powers, and duties; manner of resignation; removal (a) Only an adult, a guardian of the minor, or a trust company is eligible to become a successor custodian. A successor custodian has all the rights, powers, duties, and immunities of a custodian designated in the manner prescribed by this chapter. (b) A custodian, other than the donor, may resign and designate his successor by: (1) executing an instrument of resignation designating the successor custodian; and (2) causing each security which is custodial property and in registered form and each life insurance or annuity contract to be registered in the name of the successor custodian followed, in sub-79 Stat. 749stance, by the words: “as custodian for [name of minor] under the District of Columbia Uniform Gifts to Minors Act”; and (3) delivering to the successor custodian the instrument of resignation, each security registered in the name of the successor custodian, each life insurance or annuity contract registered in the name of the successor custodian, and all other custodial property, together with any additional instruments required for the transfer thereof. (c) A custodian, whether or not a donor, may petition the court for permission to resign and for the designation of a successor custodian. (d) When the person designated as custodian is not eligible, renounces or dies before the minor attains the age of 21 years, the guardian of the minor shall be successor custodian. When the minor has no guardian, a donor, his legal representative, the legal representative of the custodian, an adult member of the minor’s family, or the minor, if he has attained the age of 14 years, may petition the court-for the designation of a successor custodian. (e) A donor, the legal representative of a donor, an adult member of the minor’s family, a guardian of the minor, or the minor if he has attained the age of 14 years, may petition the court that, for cause shown in the petition, the custodian be removed and a successor custodian be designated or, in the alternative, that the custodian be required to give bond for the performance of his duties. (f) Upon the filing of a petition as provided by this section, the court shall grant an order, directed to those persons and returnable on such notice as the court requires, to show cause why the relief prayed for in the petition should not be granted and, in due course, grant such relief as the court finds to be in the best, interests of the minor.