Section 35-5A-8 Transfer by obligor. - Alabama Statutes

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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; provided, however, that transfers from obligors to a custodian under this section must not exceed $10,000 in aggregated value at the time of transfer.

(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.

(Acts 1986, No. 86-453, p. 819, §7.)

State Codes and Statutes

Statutes > Alabama > Title35 > Chapter5A > 35-5A-8

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; provided, however, that transfers from obligors to a custodian under this section must not exceed $10,000 in aggregated value at the time of transfer.

(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.

(Acts 1986, No. 86-453, p. 819, §7.)

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State Codes and Statutes

Statutes > Alabama > Title35 > Chapter5A > 35-5A-8

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; provided, however, that transfers from obligors to a custodian under this section must not exceed $10,000 in aggregated value at the time of transfer.

(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.

(Acts 1986, No. 86-453, p. 819, §7.)