31-43 - Transfer by obligor. - Virginia Statutes

§ 31-43. Transfer by obligor.

A. Subject to subsections B and C, a person not subject to § 31-41 or whoholds property of or owes a liquidated debt to a minor not having aconservator may make an irrevocable transfer to a custodian for the benefitof the minor pursuant to § 31-45.

B. If a person having the right to do so under § 31-39 has nominated acustodian under that section to receive the custodial property, the transfermust be made to that person.

C. If no custodian has been nominated under § 31-39, or all persons sonominated as custodian die before the transfer or are unable, decline, or areineligible to serve, a transfer under this section may be made to an adultmember of the minor's family or to a trust company unless the propertyexceeds $10,000 in value, in which event the transfer may be made ifauthorized by the court.

(1988, c. 516.)