§ 33A-7. Transfer by obligor. - North Carolina Statutes

§33A‑7.  Transfer by obligor.

(a)        Subject tosubsections (b) and (c), a person not subject to Section 33A‑5 or 33A‑6who holds property of or owes a liquidated debt to a minor not having aguardian may make an irrevocable transfer to a custodian for the benefit of theminor pursuant to Section 33A‑9.

(b)        If a person havingthe right to do so under Section 33A‑3 has nominated a custodian underthat section to receive the custodial property, the transfer must be made tothat person.

(c)        If no custodian hasbeen nominated under Section 33A‑3, or all persons so nominated ascustodian die before the transfer or are unable, decline, or are ineligible toserve, a transfer under this section may be made to an adult member of theminor's family or to a trust company if the aggregate value of the propertydoes not exceed ten thousand dollars ($10,000) in value. (1987,c. 563, s. 2.)