District of Columbia § 19-1105 Transfer to custodial trustee by fiduciary or obligor; facility of payment.

District of Columbia Statutes

§ 19-1105 — Transfer to custodial trustee by fiduciary or obligor; facility of payment.

District of Columbia·Title 19 Descent, Distribution, and Trusts. [Enacted title]·Ch. 11 Custodial Trusts; Uniform Law.

(a)Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 19-1103, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary’s family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $20,000, the transfer is not effective unless authorized by the court.

(b)A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.

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(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 19-1103, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary’s family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $20,000, the transfer is not effective unless authorized by the court.

(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.

District of Columbia § 19-1105 (Transfer to custodial trustee by fiduciary or obligor; facility of payment.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.