As Amended
SEC. 91-20-15. Transfer to custodian by one holding property of or owing debt to minor; designation of custodian.
(1) Subject to subsections (2) and (3), a person not subject to Sec. 91-20-11 or 91-20-13 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 pursuant to Sec. 91-20-19.
(2) If a person having the right to do so under Sec. 91-20-7 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 Sec. 91-20-7, or all persons so 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 Ten Thousand Dollars ($10,000.00) in value.
SOURCES: Laws, 1994, ch. 416, Sec. 8, eff from and after January 1, 1995