§ 18-7-8 — § 18-7-8. Transfer by obligor.

Rhode Island § 18-7-8

• Jurisdiction: Rhode Island
• Title 18: Fiduciaries
• Ch. 18-7: Uniform Transfers to Minors Act

Text

§ 18-7-8. Transfer by obligor.

(a) Subject to subsections (b) and (c) of this section, a person not subject to § 18-7-6 or 18-7-7, 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 § 18-7-10.

(b) If a person having the right to do so under § 18-7-4 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.

(c) If no custodian has been nominated under § 18-7-4, or all persons 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 ($10,000) in value.

Legislative History

P.L. 1985, ch. 389, § 2.