(2) A transfer made under s. 880.65 54.870 is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties and authority provided in ss. 880.61 to 880.72 54.854 to 54.898, and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as provided in ss. 880.61 to 880.72 54.854 to 54.898.

(3) By making a transfer, the transferor incorporates in the disposition all of the provisions of ss. 880.61 to 880.72 54.854 to 54.898 and grants to the custodian, and to any 3rd person dealing with a person designated as custodian, the respective powers, rights and immunities provided in ss. 880.61 to 880.72 54.854 to 54.898.

54.878 (2) This section does not relieve a custodian from liability for breach of s. 880.665 54.876.

54.882 (2) Except for a person who is a transferor under s. 880.625 54.860, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.

(3) Except as provided in s. 880.695 54.888 (6), a custodian need not give a bond.

54.884 (2) The propriety of, or the authority under ss. 880.61 to 880.72 54.854 to 54.898 for, any act of the purported custodian.

(3) The validity or propriety under ss. 880.61 to 880.72 54.854 to 54.898 of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian.

54.888 (1) A person nominated under s. 880.62 54.858 or designated under s. 880.65 54.870 as custodian may decline to serve by delivering a valid disclaimer under s. 854.13 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 s. 880.62 54.858, the person who made the nomination may nominate a substitute custodian under s. 880.62 54.858; otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under s. 880.65 54.870 (1). The custodian so designated has the rights of a successor custodian.

(2) A custodian at any time may designate a trust company or an adult other than a transferor under s. 880.625 54.860 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, becomes incapacitated or is removed.

(6) 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 remove the custodian for cause and to designate a successor custodian other than a transferor under s. 880.625 54.860 or to require the custodian to give appropriate bond.

54.890 (1) (b) For a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under s. 880.69 54.886 to which the minor or the minor's legal representative was a party.

(3) The court, in a proceeding under ss. 880.61 to 880.72 54.854 to 54.898 or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.

(4) If a custodian is removed under s. 880.695 54.888 (6), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.

54.892 (1) The minor's attainment of 21 years of age with respect to custodial property transferred under s. 880.625 or 880.63 54.860 or 54.862;

(2) The minor's attainment of 18 years of age with respect to custodial property transferred under s. 880.635 or 880.64 54.864 or 54.866; or

54.894 Applicability. (intro.) Sections 880.61 to 880.72 54.854 to 54.898 apply to a transfer within the scope of s. 880.615 54.856 made after April 8, 1988, if:

(2) The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of ss. 880.61 to 880.72 54.854 to 54.898 is necessary to validate the transfer.

54.896 Effect on existing custodianships. (1) Any transfer of custodial property as defined in ss. 880.61 to 880.72 54.854 to 54.898 made before April 8, 1988, is validated notwithstanding that there was no specific authority in ss. 880.61 to 880.71, 1985 stats., for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.