Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/35-5A-8.htm |
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Depth: | 0 singles |
Size: | 1,253 bytes |
Modified: | 2014-06-30 14:29:04 |
Categories: | -None- |
Title: | 35-5A-8 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 35-5A-8 Transfer by obligor. (a) Subject to subsections (b) and (c), a person not subject to Section 35-5A-6 or 35-5A-7 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 35-5A-10. (b) If a person having the right to do so under Section 35-5A-4 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person. (c) If no custodian has been nominated under Section 35-5A-4, 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 fifty thousand dollars ($50,000) in value. (Acts 1986, No. 86-453, p. 819, §7; Act 2013-250, p. 624, §1.) |