Code of Virginia § 64.2-1906. Transfer by obligor.

172 words·~1 min read·/va/title-64-2/chapter-19/64-2-1906

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

A. Subject to subsections B and C, a person not subject to § 64.2-1904 or 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 § 64.2-1908 .

B. If a person having the right to do so under § 64.2-1902 has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.

C. If no custodian has been nominated under § 64.2-1902 , 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 $35,000 in value, in which event the transfer may be made if authorized by the court.

1988, c. 516, § 31-43; 2012, c. 614 ; 2014, c. 532 ; 2025, c. 148 .