54.866 Transfer by obligor.
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/wi/chapter-54/54-866-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
54.866 Transfer by obligor.
(1)Subject to subs.
(2)and
(3), a person not subject to s. 54.862 or 54.864 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 s. 54.870 .
(2)If a person having the right to do so under s. 54.858 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. 54.858 , 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.