(a) Subject to subsections (b) and (c) of this section, a person not subject to section 45a-558b or 45a-558c who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 45a-558f.
(b) If a person having the right to do so under section 45a-558 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 section 45a-558, 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 five thousand dollars in value, in which case Probate Court approval is required. For purposes of this subsection, a series of transfers shall be aggregated so that the five-thousand-dollar threshold for court approval cannot be circumvented.
(d) This section does not authorize a guardian, existing custodian or custodian to whom an obligor makes a transfer under this section to settle, release or compromise a claim of the minor or a debt owed to the minor.
(P.A. 95-117, S. 8.)