Section 7-6.11. Validity and effect of transfer

(a)  The  validity  of  a transfer made in a manner prescribed in this
  part is not affected by:
    (1) The failure of the transferor to  comply  with  paragraph  (c)  of
  7-6.9 concerning possession and control;
    (2)  designation of an ineligible custodian, except designation of the
  transferor  in  the  case  of  property  for  which  the  transferor  is
  ineligible to serve as custodian under paragraph (a) of 7-6.9; or
    (3)  death  or  incapacity  of  a  person  nominated  under  7-6.3  or
  designated under 7-6.9 as custodian or the disclaimer of the  office  by
  that person.
    (b)  A  transfer  made  pursuant  to  7-6.9  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
  this part, 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 this part.
    (c)  By  making  a  transfer,  the  transferor  incorporates  in   the
  disposition all the provisions of this part and grants to the custodian,
  and  to  any third person dealing with a person designated as custodian,
  the respective powers, rights, and immunities provided in this part.