Transfer by obligor

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  • (1) Subject to subsections (b) and (c) of this section, a person not subject to section 1251f or 1251g of this chapter 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 1251j of this chapter.

  • (2) If a person having the right to do so under section 1251d of this chapter 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 1251d of this chapter, 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.


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