385.072 Transfer by obligor.

147 words·~1 min read·/ky/chapter-385/385-072

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Subject to subsections

(2)and

(3)of this section, a person not subject to KRS

385.052 or 385.062 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 KRS 385.092.

(2)If a person having the right to do so under KRS 385.032 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 KRS 385.032, 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 ten thousand

dollars ($10,000) in value.