South Carolina § 63-5-635 Transfer by obligor.

South Carolina Statutes

§ 63-5-635 — Transfer by obligor.

South Carolina·Title 63 SOUTH CAROLINA CHILDREN'S CODE·Ch. 5 LEGAL STATUS OF CHILDREN

(a)Subject to subsections (b) and (c), a person not subject to Section 63-5-625 or 63-5-630 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 63-5-645.

(b)If a person having the right to do so under Section 63-5-615 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 Section 63-5-615, 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 $15,000 in value

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Subject to subsections (b) and (c), a person not subject to Section 63-5-625 or 63-5-630 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 63-5-645. (b) If a person having the right to do so under Section 63-5-615 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 Section 63-5-615, 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 $15,000 in value.

South Carolina § 63-5-635 (Transfer by obligor.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.