Virginia § 64.2-1906 Transfer by obligor

Virginia Statutes

§ 64.2-1906 — Transfer by obligor

Virginia § 64.2-1906

JurisdictionVirginia

Title 64.2Wills, Trusts, and Fiduciaries

Subtitle IVFiduciaries and Guardians

Ch. 19Virginia Uniform Transfers to Minors Act

Part CGuardianship of Minor

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Bluebook

Va. Code Ann. § 64.2-1906 (2026).

Text

A.Subject to subsections B and C, a person not subject to § 64.2-1904 or 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 § 64.2-1908.

B.If a person having the right to do so under § 64.2-1902 has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.

C.If no custodian has been nominated under § 64.2-1902, 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 $35,000 in value, in which event the transfer may

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A. Subject to subsections B and C, a person not subject to § 64.2-1904 or 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 § 64.2-1908.

B. If a person having the right to do so under § 64.2-1902 has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.

C. If no custodian has been nominated under § 64.2-1902, 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 $35,000 in value, in which event the transfer may be made if authorized by the court.