Arizona Laws 14-7657. Transfer by obligor
A. Pursuant to subsections B and C of this section, a person who is not subject to section 14-7655 or 14-7656 and who holds property of or owes a liquidated debt to a minor who does not have a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 14-7659.
Terms Used In Arizona Laws 14-7657
- Adult: means a person who is at least twenty-one years of age. See Arizona Laws 14-7651
- Conservator: means a person appointed or qualified by a court to act as a general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Arizona Laws 14-7651
- Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
- Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
- Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
- Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
- Property: includes both real and personal property. See Arizona Laws 1-215
- Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
B. If a person having the right to do so pursuant to section 14-7653 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
C. If no custodian has been nominated pursuant to section 14-7653 or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer pursuant to 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 in value.