34-13-139. Extension of custodial term by custodian.

(a) A custodian may extend the custodial term under this section to an age older than the age that is specified by this act or a transferring instrument made under W.S. 34-13-122, subject to the right of the minor to compel immediate distribution under subsection (c) of this section.

(b) To extend the custodial term under subsection (a) of this section, the custodian shall give the minor written notice of the custodian's intent to extend the custodial term. The notice must specify the duration of the extension by indicating the new custodial term and must inform the minor of the minor's right to compel immediate distribution under subsection (c) of this section. The custodian shall give the notice during the later of the following periods:

(i) The six (6) month period that precedes the last day of the custodial term; or

(ii) The six (6) month period that begins when the minor attains twenty-one (21) years of age.

(c) Rather than permit the extension of the custodial term, the minor may compel immediate distribution of all or part of the custodial property by giving written notice to the custodian:

(i) During the six (6) month period that begins on the last day of the current custodial term; or

(ii) Within ninety (90) days after receiving the custodian's notice under subsection (b) of this section.

(d) If a minor does not exercise the minor's right to compel distribution under subsection (c) of this section, the custodial term shall be extended as indicated in the custodian's notice given under subsection (b) of this section, and the minor may not compel the immediate distribution of custodial property before the end of the custodial term, as extended.

(e) A custodian may extend the custodial term more than once under this section.

(f) As used in this section, "custodial term" means the time provided in or allowed by this act during which the custodian is directed to hold custodial property until the property is transferred to the minor.