§554B-5 - Transfer to custodial trustee by fiduciary or obligor, facility of payment. - Hawaii Statutes

     §554B-5  Transfer to custodial trustee by fiduciary or obligor, facility of payment.  (a)  Unless controlled by an instrument designating a custodial trustee under section 554B-3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the benefit of the incapacitated individual.  If the property or obligation exceeds $20,000 in value, the transfer must be authorized by the court.

     (b)  The written acknowledgment of delivery signed by a custodial trustee constitutes a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section. [L 1989, c 76, pt of §1; am L 2004, c 161, §36]