§1658. Transfer by obligor
1.
Irrevocable transfer.
Subject to subsections 2 and 3, a person not subject to section 1656 or 1657 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 pursuant to section 1660.
[PL 1987, c. 734, §2 (NEW).]
2.
Transfer to nominated custodian.
If a person having the right to do so under section 1654 has nominated a custodian under that section to receive the custodial property, the transfer shall be paid to that person.
[PL 1987, c. 734, §2 (NEW).]
3.
Transfer in absence of custodian.
If no custodian has been nominated under section 1654, 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.
[PL 1987, c. 734, §2 (NEW).]
SECTION HISTORY
PL 1987, c. 734, §2 (NEW).