Renunciation, resignation, death, or removal of custodian--Designation of successor custodian

Any person nominated under § 55-10A-3 or designated under § 55-10A-9 as custodian may decline to serve by delivering a valid disclaimer 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 § 55-10A-3 , the person who made the nomination may nominate a substitute custodian under § 55-10A-3 ; 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 §