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Utah Uniform Probate Code | |
Uniform Transfers to Minors Act | |
Section 108 | Transfer by obligor. |
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75-5a-108. Transfer by obligor. (1) Subject to Subsections (2) and (3), a person not subject to Section 75-5a-106 or 75-5a-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 Section 75-5a-110. (2) If a person having the right under Section 75-5a-104 has nominated a custodian under that 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 persons nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $10,000 in value.
Enacted by Chapter 272, 1990 General Session |
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