§ 72-26-607 — Transfer By Obligor

72-26-607 . Transfer by obligor. (1) Subject to subsections (2) and (3), a person not subject to 72-26-605 or 72-26-606 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 72-26-603 .
(2) If a person having the right to do so under 72-26-601 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 72-26-601 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 $10,000 in value.

Legislative History

En. Sec. 9, Ch. 102, L. 1985.