Alabama § 35-5A-9 Receipt and Discharge for Transfer of Custodial Property

Alabama Statutes

§ 35-5A-9 — Receipt and Discharge for Transfer of Custodial Property

Alabama·Title 35 Property·Ch. 5A Uniform Transfers to Minors Act

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter. An acknowledgment of delivery by a custodian, who believes in good faith that the transfer does not exceed the limitations on value prescribed in Sections 35-5A-7(c) and 35-5A-8(c), is a sufficient receipt and discharge in accordance with this section, even though the values may subsequently be determined to exceed the value limitations.

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A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter. An acknowledgment of delivery by a custodian, who believes in good faith that the transfer does not exceed the limitations on value prescribed in Sections 35-5A-7(c) and 35-5A-8(c), is a sufficient receipt and discharge in accordance with this section, even though the values may subsequently be determined to exceed the value limitations.

Alabama § 35-5A-9 (Receipt and Discharge for Transfer of Custodial Property) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.