(1) Subject to Subsections (2) and (3), a person not subject to Section 75A-8-106 or 75A-8-107 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 75A-8-110.
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Terms Used In Utah Code 75A-8-108

  • Adult: means an individual who is 21 years old or older. See Utah Code 75A-8-102
  • Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Utah Code 75A-8-102
  • Custodial property: means :
         (7)(a) any interest in property transferred to a custodian under this chapter; and
         (7)(b) the income from and proceeds of that interest in property. See Utah Code 75A-8-102
  • Custodian: means a person so designated under Section 75A-8-110 or a successor or substitute custodian designated under Section 75A-8-119. See Utah Code 75A-8-102
  • 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
  • Property: means the same as that term is defined in Section 75-1-201. 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
  • Trust: means the same as that term is defined in Section 75-1-201. See Utah Code 75A-8-102
(2) If a person having the right under Section 75A-8-104 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 75A-8-104, 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.

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