1. (a) Except as provided in subsection (b), a transferor may not terminate a custodial trust.

2. (b) A custodial trust may be terminated by the beneficiary if the beneficiary is not incapacitated. In order to terminate the trust, the beneficiary must deliver to the custodial trustee a writing that:

   1. (1) is signed by the beneficiary; and
   2. (2) declares the termination of the custodial trust.
3. (c) If not previously terminated, a custodial trust terminates on the death of the beneficiary.

As added by P.L.3-2003, SEC.1.