§ 21-307 — Transfer by obligor.

District of Columbia § 21-307

• Jurisdiction: District of Columbia
• Title 21: Fiduciary Relations and Persons with Mental Illness. [Enacted title]
• Ch. 3: Transfers to Minors; Uniform Law.

Text

(a) Subject to subsection (b) and (c) of this section, a person not subject to section 21-305 or 21-306 and 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 21-309.

(b) If a person having the right to do so under section 21-303 has nominated a custodian under that section to receive the custodial property, then the transfer must be made to that person.

(c) With the exception of section 21-120, if no custodian has been nominated under section 21-303, or if all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, then 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 $10,000 in value.

Legislative History

Mar. 12, 1986, D.C. Law 6-87, § 2(a), 33 DCR 278; Apr. 30, 1988, D.C. Law 7-104, § 6(b), 35 DCR 147; Feb. 5, 1994, D.C. Law 10-68, § 21, 40 DCR 6311