(1) Subject to subsection (3) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 11-50-110, in the absence of a will or under a will or trust that does not contain an authorization to do so.
Subject to subsection (3) of this section, a conservator may make an irrevocabletransfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 11-50-110.
A transfer under subsection (1) or (2) of this section may be made only if:
The personal representative, trustee, or conservator considers the transfer to be in thebest interest of the minor;
The transfer is not prohibited by or inconsistent with provisions of the applicablewill, trust agreement, or other governing instrument; and
The transfer is authorized by the court if it exceeds ten thousand dollars in value.
Source: L. 84: Entire article R&RE, p. 385, § 1, effective July 1.