§560:5-104  Facility of transfer.  (a) 
Unless a person required to transfer money or personal property to a minor
knows that a conservator has been appointed or that a proceeding for
appointment of a conservator of the estate of the minor is pending, the person
may do so, as to an amount or value not exceeding $10,000 a year, by
transferring it to:



(1)  A person who has the care and custody of the
minor and with whom the minor resides;



(2)  A guardian of the minor;



(3)  A custodian under chapter 553A, the Uniform
Transfers To Minors Act or custodial trustee under chapter 554B, the Uniform
Custodial Trust Act; or



(4)  A federally-insured financial institution as a
deposit in an interest-bearing account or certificate in the sole name of the
minor and giving notice of the deposit to the minor.



(b)  A person who transfers money or property
in compliance with this section is not responsible for its proper application.



(c)  A guardian or other person who receives
money or property for a minor under subsection (a)(1) or (2) shall only apply
it to the support, care, education, health, and welfare of the minor, and may
not derive a personal financial benefit except for reimbursement for necessary
expenses.  Any excess shall be preserved for the future support, care,
education, health, and welfare of the minor, and any balance shall be
transferred to the minor upon emancipation or attaining majority. [L 2004, c
161, pt of §1]