72-26-607. Transfer by obligor.
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/mt/title-72/chapter-26/part-6/72-26-607·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
72-26-607 . Transfer by obligor.
(1)Subject to subsections
(2)and (3), a person not subject to 72-26-605 or 72-26-606 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 72-26-603 .
(2)If a person having the right to do so under 72-26-601 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 72-26-601 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 $10,000 in value.