710.108 Transfer by obligor.
159 words·~1 min read·
/fl/title-xl/chapter-710/710-108A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Subject to subsections
(2)and (3), a person not subject to s. 710.106 or s. 710.107 who holds property, including, but not limited to, a benefit plan, of a minor not having a conservator, or who 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 s. 710.111 .
(2)If a person having the right to do so under s. 710.104 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3)If no custodian has been nominated under s. 710.104 , 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.