Sec. 13.60.040. Transfer to custodial trustee by fiduciary, obligor, or other person; facility of payment.
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Sec. 13.60.040. Transfer to custodial trustee by fiduciary, obligor, or other person; facility of payment.
(a)Unless otherwise directed by an instrument designating a custodial trustee under AS 13.60.020 , a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator, may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $20,000, the transfer is not effective unless authorized by the court.
(b)A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee under this section.