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§58-1208.
§58-1208.
A. Subject to the provisions of subsections B and C of this section, a
person not subject to the provisions of Sections 6 or 7 of this act
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 the provisions of Section 10 of this
act.
B. If a person having the right to do so pursuant to the provisions of
Section 4 of this act has nominated a custodian according to the
provisions of Section 4 of this act to receive the custodial property,
the transfer must be made to that person.
C. If no custodian has been nominated pursuant to the provisions of
Section 4 of this act, or all persons nominated as custodian die
before the transfer or are unable, decline, or are ineligible to
serve, a transfer pursuant to the provisions of this section may be
made to an adult member of the minor's family or to a trust company,
unless the property exceeds Ten Thousand Dollars ($10,000.00) in
value.
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