§ 7 — Transfer by obligor

Section 7. (a) Subject to subsections (b) and (c), a person not subject to section five or section six who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section nine.(b) If a person having the right to do so under section three has nominated a custodian under said section three to receive the custodial property, the transfer shall be made to such custodian.(c) If no custodian has been nominated under said section three 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.