§ 18-7-8 - Transfer by obligor. - Rhode Island Statutes

SECTION 18-7-8

   § 18-7-8  Transfer by obligor. – (a) Subject to subsections (b) and (c) of this section, a person not subject to§ 18-7-6 or 18-7-7, who holds property of or owes a liquidated debt to aminor not having a conservator, may make an irrevocable transfer to a custodianfor the benefit of the minor pursuant to § 18-7-10.

   (b) If a person having the right to do so under § 18-7-4has 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 § 18-7-4,or all persons nominated as custodian die before the transfer or are unable,decline, or are ineligible to serve, a transfer under this section may be madeto an adult member of the minor's family or to a trust company unless theproperty exceeds ten thousand dollars ($10,000) in value.