75A-8-108. Transfer by obligor.
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Effective 9/1/2024
75A-8-108. Transfer by obligor.
(1)Subject to Subsections
(2)and (3), a person not subject to Section 75A-8-106 or 75A-8-107 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 under Section 75A-8-110 .
(2)If a person having the right under Section 75A-8-104 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 Section 75A-8-104 , or all persons 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.
Renumbered and Amended by Chapter 364 , 2024 General Session