§ 11-50-108 — Transfer by obligor

Colorado § 11-50-108

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Colorado Uniform Transfers to Minors Act

Text

(1) Subject to subsections (2) and (3) of this
section, a person not subject to section 11-50-106 or 11-50-107 who holds property
of or owes a liquidated debt to a minor not having a conservator may make an
irrevocable transfer to a custodian for the benefit of the minor pursuant to section
11-50-110.

(2) If a person having the right to do so under section 11-50-104 has
nominated a custodian under that section to receive the custodial property, the
transfer must be made to that person.

(3) If no custodian has been nominated under section 11-50-104, or all
persons so nominated as custodian die before the transfer or are unable, decline, or
are ineligible to serve, a transfer under this section may be made to an adult
member of the minor's family or to a trust company unless the property exceeds
ten thousand dollars in value.

Legislative History

Source: L. 84: Entire article R&RE, p. 386, � 1, effective July 1.