31-50 - Use of custodial property. - Virginia Statutes

§ 31-50. Use of custodial property.

A custodian may deliver or pay to the minor or expend for the minor's benefitso much of the custodial property as the custodian considers advisable forthe use and benefit of the minor, without court order and without regard to(i) the duty or ability of the custodian personally or of any other person tosupport the minor, or (ii) any other income or property of the minor whichmay be applicable or available for that purpose.

At any time a custodian may, without court order, transfer all or part of thecustodial property to a qualified minor's trust. Such a transfer terminatesthe custodianship to the extent of the custodial property transferred.

On petition of an interested person or the minor if the minor has attainedthe age of fourteen years, the court may order the custodian to deliver orpay to the minor or expend for the minor's benefit so much of the custodialproperty as the court considers advisable for the use and benefit of theminor.

A delivery, payment or expenditure under this section is in addition to, notin substitution for, and does not affect any obligation of a person tosupport the minor.

(1988, c. 516; 2007, c. 307.)