75-5a-108 - Transfer by obligor. - Utah Statutes

75-5a-108. Transfer by obligor.
(1) Subject to Subsections (2) and (3), a person not subject to Section 75-5a-106 or75-5a-107 who holds property of or owes a liquidated debt to a minor not having a conservator,may make an irrevocable transfer to a custodian for the benefit of the minor under Section75-5a-110.
(2) If a person having the right under Section 75-5a-104 has nominated a custodian underthat section to receive the custodial property, the transfer must be made to that person.
(3) If no custodian has been nominated under Section 75-5a-104, or all personsnominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, atransfer under this section may be made to an adult member of the minor's family or to a trustcompany unless the property exceeds $10,000 in value.

Enacted by Chapter 272, 1990 General Session