§ 11-50-107 — Other transfer by fiduciary

(1) Subject to subsection (3) of this
section, a personal representative or trustee may make an irrevocable transfer to
another adult or trust company as custodian for the benefit of a minor pursuant to
section 11-50-110, in the absence of a will or under a will or trust that does not
contain an authorization to do so.

(2) Subject to subsection (3) of this section, a conservator may make an
irrevocable transfer to another adult or trust company as custodian for the benefit
of the minor pursuant to section 11-50-110.

(3) A transfer under subsection (1) or (2) of this section may be made only if:

(a) The personal representative, trustee, or conservator considers the
transfer to be in the best interest of the minor;

(b) The transfer is not prohibited by or inconsistent with provisions of the
applicable will, trust agreement, or other governing instrument; and

(c) The transfer is authorized by the court if it exceeds ten thousand dollars
in value.

Legislative History

Source: L. 84: Entire article R&RE, p. 385, � 1, effective July 1.