§ 3-3-108 — Payment or delivery of property in lieu of conservatorship

(a) Any person under a duty to pay or deliver money or
personal property to a minor for whom no conservator has been
appointed may pay not more than twenty-five thousand dollars
($25,000.00) per annum or may deliver property of a value not
more than twenty-five thousand dollars ($25,000.00) to:
(i) The minor who is married or is emancipated;
(ii) Any person having the care and custody of the
minor with whom the minor resides;
(iii) A guardian of the minor; or
(iv) A financial institution incident to a deposit in
a federally insured interest bearing account in the sole name of
the minor with notice of the deposit to the minor.
(b) The payment or the delivery provided in this section
shall not be made if the person has actual knowledge that a
conservator has been appointed or proceedings for appointment of
a conservator of the estate of the minor are pending.
(c) Subject to subsection (d) of this section, persons
other than the minor or any financial institution under
paragraph (a)(iv) of this section, receiving money or property
for a minor, shall apply the money or property to the support,
care and education of the minor. The money or property shall
not be used as compensation to the recipient except for
reimbursement of out-of-pocket expenses for goods and services
necessary for the minor's support. Any excess sums shall be
invested for future support of the minor and any balance not so
used and any property received for the minor shall be turned
over to the minor when he attains majority, is married or is
emancipated.
(d) If the person receiving money or property for a minor
is the parent of the minor, he shall discharge fully his
parental duties of support before reimbursing himself for out-
of-pocket expenses as provided under subsection (c) of this
section.
(e) Persons who pay or deliver money or property in
accordance with provisions of this section are not responsible
for the proper application thereof by the recipient.