(a) Subject to subsections (b) and (c), a person not subject to § 553A-5 or transfer by fiduciary” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>553A-6 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 section custodial property and effecting transfer; designation of initial custodian; control” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>553A-9.
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Terms Used In Hawaii Revised Statutes 553A-7

  • Adult: means an individual who has attained the age of twenty-one years. See Hawaii Revised Statutes 553A-1
  • 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 Hawaii Revised Statutes 553A-1
  • Custodial property: means (1) any interest in property transferred to a custodian under this chapter and (2) the income from and proceeds of that interest in property. See Hawaii Revised Statutes 553A-1
  • Custodian: means a person so designated under section 553A-9 or a successor or substitute custodian designated under section 553A-18. See Hawaii Revised Statutes 553A-1
  • Minor: means an individual who has not attained the age of twenty-one years. See Hawaii Revised Statutes 553A-1
  • Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 553A-1
  • Transfer: means a transaction that creates custodial property under section 553A-9. See Hawaii Revised Statutes 553A-1
  • Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Hawaii Revised Statutes 553A-1
(b) If a person having the right to do so under § 553A-3 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 under § 553A-3, 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 $10,000 in value.

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