A. A person nominated under § 64.2-1902 or designated under § 64.2-1908 as custodian may decline to serve by delivering written notice to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under § 64.2-1902, the person who made the nomination may nominate a substitute custodian under § 64.2-1902. Otherwise, the transferor or the transferor’s legal representative shall designate a substitute custodian at the time of the transfer. In either case the nomination or designation shall be made from among the persons eligible to serve as custodian for that kind of property under subsection A of § 64.2-1908. The custodian so designated has the rights of a successor custodian.
B. A custodian at any time may designate a trust company or an adult other than a transferor under § 64.2-1903 as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, or becomes incapacitated.
C. A custodian may resign at any time by (i) delivering written notice to the minor, if the minor has attained the age of 14 years, and to the successor custodian and (ii) delivering 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 has attained the age of 14 years, the minor may designate as successor custodian, in the manner prescribed in subsection B, an adult member of the minor’s family, a conservator of the minor, or a trust company. If the minor has not attained the age of 14 years or fails to act within 60 days after the ineligibility, death, or incapacity, the conservator of the minor becomes successor custodian. If the minor has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor’s family, or any other interested person may petition the court to designate a successor custodian.
E. A custodian who declines to serve under subsection A or resigns under subsection C or the legal representative of a deceased or incapacitated custodian shall, as soon as practicable, put the custodial property and records in the possession and control of the successor custodian. 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 conservator of the minor, or the minor, if the minor has attained the age of 14 years, may petition the court to (i) remove the custodian for cause and to designate a successor custodian other than a transferor under § 64.2-1903 or (ii) require the custodian to give appropriate bond.