§ 30-2-8.6-25 — Transfer for use and benefit of incapacitated individual

Indiana § 30-2-8.6-25

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.6: Uniform Custodial Trust Act

Text

(a) Unless otherwise directed by an
instrument designating a custodial trustee under section 23 of this
chapter, a person, including a fiduciary other than a custodial trustee,
who:
(1) holds property of; or
(2) owes a debt to;
an incapacitated individual 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 twenty thousand dollars ($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 under this section.

Legislative History

As added by P.L.3-2003, SEC.1.