Utah Code 75A-8-105. Transfer by gift or exercise of power of appointment
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Terms Used In Utah Code 75A-8-105
- Custodian: means a person so designated under Section
75A-8-110 or a successor or substitute custodian designated under Section75A-8-119 . See Utah Code 75A-8-102 - Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
- Person: means an individual, corporation, organization as defined in Section
75-1-201 , or other legal entity. See Utah Code 75A-8-102 - Transfer: means a transaction that creates custodial property under Section
75A-8-109 . See Utah Code 75A-8-102
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor under Section