§ 33B-5. Transfer to custodial trustee by fiduciary or obligor; facility of payment. - North Carolina Statutes

§33B‑5.  Transfer to custodial trustee by fiduciary or obligor; facilityof payment.

(a)        A person, includinga fiduciary other than a custodial trustee, who holds property of or owes adebt to an incapacitated individual not having a guardian of the estate maymake a transfer to an adult member of the beneficiary's family or to a trustcompany as custodial trustee for the use and benefit of the incapacitatedindividual. If the value of the property or the debt exceeds twenty thousanddollars ($20,000), the transfer is not effective unless authorized by thecourt.

(b)        A writtenacknowledgment of delivery, signed by a custodial trustee, is a sufficientreceipt and discharge for property transferred to the custodial trusteepursuant to this section.

(c)        This section shallnot apply when the disposition of the property has been directed by aninstrument designating a custodial trustee pursuant to G.S. 33B‑3. (1995,c. 486, s. 1.)